Check out the companies that make headlines premarket trade.
Coca-Cola – Shares in Coca-Cola rose around 1% after the company beat analysts’ expectations on the top and bottom line in the last quarter. The beverage giant reported adjusted earnings of 64 cents per share on revenue of $ 10.5 billion, while analysts expected 58 cents per share of $ 9.83 billion in revenue.
Twitter – Twitter crossed 5% higher on reports that the social media giant is close to an agreement with Elon Musk. It comes a day after the company̵[ads1]7;s board met on Sunday to discuss a takeover bid from Elon Musk, which has already secured $ 46.5 billion in financing.
Oil stocks – Shares of energy companies fell on Monday as oil prices fell due to fears of a global downturn amid shutdowns in Shanghai. Chevron, ConocoPhillips and Marathon Oil fell 2.2%, 2.6% and 2.8% respectively.
Kellogg – Shares of Kellogg fell 1.8% after Deutsche Bank downgraded the stock to a holding. The bank mentioned the effect of the workers’ strike, rising inflation and disturbances in the supply chain among the reasons for the downgrade.
Verizon – Verizon shares fell 1% after Goldman Sachs downgraded the stock to neutral. The bank said that Verizon is well positioned for 5G growth, but offers a lower potential return compared to peers like AT&T.
Penn National Gaming – The gaming stock rose 2.8% after Morgan Stanley called it a buyout despite recent underperformance. The bank also sees opportunities in its Barstool Sports and theScore businesses.
Warner Bros. Discovery – Warner Bros. Discovery’s shares fell 2.5% as investors continued to digest the news that the company would close its CNN + service weeks after launch.
Deere – The equipment manufacturer’s stock fell 3.4% after Bank of America downgraded the stock to neutral. The bank said it is still cautious about the farm economy and agricultural equipment area in the midst of ongoing supply chain problems and other macro trends.