Walt Disney, Carvana, Coinbase and more
Take a look at some of the biggest moves in the premarket:
Walt Disney (DIS) — Walt Disney rose 8.8% in premarket trading following the weekend announcement that former chairman and CEO Bob Iger will return as CEO, replacing Bob Chapek. The executive suite change follows a fall in Disney’s share price and weaker-than-expected earnings.
caravan (CVNA) — Carvana fell 3.9% in premarket trading after The Wall Street Journal cited analysts as saying the online used car retailer could run out of cash within a year. Carvana announced Friday that it is laying off about 1,500 workers.
Coin base (COIN) – Coinbase fell 6.8% in premarket trading, with the cryptocurrency exchange’s shares falling in the wake of rival FTX’s bankruptcy. A Bank of America analyst said Coinbase is not another FTX, but faces headwinds amid general skepticism about the cryptocurrency market.
JM Smucker (SJM) – The food maker’s shares jumped 3.3% in premarket trading after beating Wall Street’s top and bottom line estimates for the latest quarter. The company behind brands such as Smucker’s, Folgers, Jif and Milk-bone also raised its full-year forecast.
China stocks – Shares in China-based companies are under pressure after three Covid-related deaths were reported in Beijing over the weekend, the first since May. The total number of Covid cases in China is also on the rise. Ali Baba (BABA) fell 3.4% in premarket trading, JD.com (JD) fell 5.3%, Baidu (BIDU) lost 2.7% Pinduo duo (PDD) fell 2.8%.
Imago BioSciences (IMGO) – The cancer drug developer agreed to be bought by Merck (MRK) in a deal worth $1.35 billion, or $36 per share in cash. Imago rose 105% in the premarket.
Williams-Sonoma (WSM) – The home goods retailer’s shares fell 1.9% in pre-market trading after Barclays downgraded it to “equal weight” from “overweight”, pointing to the negative impact of a weakened housing market.
MongoDB (MDB) – The database platform provider’s stock was downgraded to “equal weight” from “overweight” at Morgan Stanley. The firm said it is optimistic about MongoDB’s long-term prospects, but predicts the company will be impacted in the near term by a cautious corporate spending environment. MongoDB fell 4.3% in the premarket.
