META, RIVN, WW, KEY and more
Visitors take photos in front of the Meta (Facebook) sign at its headquarters in Menlo Park, California, on December 29, 2022.
Tayfun Coskun | Anadolu Agency | Getty Images
Take a look at the companies making the biggest moves in premarket trading:
Meta — Meta stock rose 2% after a Bloomberg report announced the company plans another round of layoffs as soon as this week. The company previously cut 13% of its workforce in November as part of CEO Mark Zuckerberg’s efforts to make the company more profitable.
Rivian – The electric car maker fell nearly 7% after announcing Monday that it plans to sell $1.3 billion worth of bonds. The capital will help facilitate the launch of Rivian’s R2 vehicles, a spokesperson told Reuters.
WW International — Shares of the company formerly known as Weight Watchers rose as much as 17.6% in premarket trading after announcing a deal to buy telehealth company Sequence. The move could help WW push into the anti-obesity drug market. WW also posted fourth-quarter results, showing shrinking year-over-year revenue and a net loss of $32.5 million. The stock still trades below $5 per share, but with a small market cap.
Joby Aviation — The electric plane maker fell more than 4% after being downgraded to sell from hold by Deutsche Bank. The Wall Street firm said the plane’s weight has raised questions and made him wonder if the design is “too aggressive”.
Dick’s Sporting Goods — The sporting goods retailer rose more than 6% after fourth-quarter results topped Wall Street expectations. Same-store sales rose 5.3%, more than double analysts’ estimates of 2.1%, according to StreetAccount.
KeyCorp — The bank fell 2.3% after issuing full-year net interest income guidance that was lower than previous guidance, according to an 8-K filing on Monday.
Juniper Networks — The networking hardware company rose more than 1% after Goldman Sachs initiated coverage of the stock with a buy rating. The $39 price target implies a 24.5% upside from Monday’s close.
Mineralys Therapeutics – The healthcare company gained about 3% after Credit Suisse initiated coverage of the stock with an outperform rating and $40 price target, suggesting upside of more than 100%. The Wall Street firm said there is a huge unmet need for resistant hypertension treatment and said Mineralys has “potential best-in-class” data.
Hesai Group — Shares rose 1.4% in light premarket trading after Morgan Stanley initiated coverage on the stock with an overweight rating and price target of $26.50, implying nearly 40% upside. The Wall Street firm said Hensai “outperforms peers, with its superior scale and margin, and its strong project pipeline.”
— CNBC’s Jesse Pound, Hakyung Kim and Alex Harring contributed reporting.