Take a look at some of the biggest movers in the premarket:
Square (SQ) – The digital payments company agreed to buy Australia’s Afterpay for about $ 29 billion in shares, which equates to about a 30% premium for Afterpay’s shareholders. Square shares fell 4.8% in the premarket, but news of the deal sent shares of U.S. payment company Affirm (AFRM) up 8.2%.
Zoom Video (ZM) – The video conferencing company has agreed to pay $ 85 million to resolve a lawsuit alleging violating users’ privacy rights. It also agreed to strengthen its security practices to prevent so-called “zoom bombing,” where hackers disrupted zoom meetings.
General Electric (GE) – GE has completed its previously announced 8-way reverse stock split and will begin trading today after the split.
Moderna (MRNA), Pfizer (PFE), BioNTech (BNTX) – According to the Financial Times, Moderna and Pfizer have increased the prices of their Covid-19 vaccines in their recent supply agreements. In addition, the Wall Street Journal reported that the Food and Drug Administration is under pressure to fully approve both vaccines and that Pfizer and its partner BioNTech could do so within the next month. Moderna grew by 2.5% in the premarket, Pfizer by 1% and BioNTech by 5.1%.
Foot Locker (FL) – The athletic footwear and apparel retailer announced a deal to purchase California footwear chain WSS for $ 750 million and Japanese streetwear brand Atmos for $ 360 million.
Uber Technologies (UBER) – Uber stocks gained 1.1% in pre-trading hours after Gordon Haskett Research Advisors began coverage with a “buy” rating. Haskett named Uber a company that is constantly blending into consumers’ daily lives with its ridesharing and meal delivery services.
Capri Holdings (CPRI) – Capri rose 1.2% in the premarket after MKM Partners switched from neutral to buy, which had a number of better-than-expected quarters for the company behind brands like Michael Kors and Versace. MKM also pointed to a general improvement in the luxury goods sector.
Discovery (DISCA) – Discovery is in informal talks about a potential offer for British state broadcaster Channel 4, according to UK newspaper Telegraph.
Robinhood (HOOD) – According to The Wall Street Journal, more than 300,000 users of the stock trading app bought stocks when Robinhood went public last week. That’s roughly 1.3% of the company’s funded account base. Robinhood gained 1.5% in pre-trading.
Parker-Hannifin (PH) – The maker of motion control technology and other industrial products is buying British competitor Meggitt for around $ 8.8 billion in cash. The Parker-Hannifin share lost 2.2% before the market.
Li Auto (LI) – The China-based electric vehicle maker shipped 8,589 vehicles in July, up 125% from July 2020. Li’s US shares rose 4.3% ahead of the market.
First Solar (FSLR) – Shares in the solar power system maker gained 2.9% in early trading after Susquehanna Financial upgraded the stock from “neutral” to “positive” based on optimistic comments from management on demand and pricing for solar panels.