Take a look at some of the biggest premarket movers: Virgin Galactic (SPCE) – The stock of the space transportation business fell 3% in premarket trade after Bank of America Securities downgraded it from “buy” to “underperform.” BofA says the premium generated by Virgin Galactic’s leadership position is already reflected in the stock price, citing the recent rise in the shares after the firm received clearance to fly passengers into space. Bed Bath & Beyond (BBBY) announced a quarterly profit of 5 cents per share, missing average projections by 3 cents per share. Revenue surpassed analysts’ expectations. Bed Bath & Beyond forecasted higher-than-expected comparable sales in the current quarter and boosted its full-year revenue forecast. In the premarket, the shares jumped 7.9%. Xpeng (XPEV) – According to persons with firsthand knowledge of the subject who spoke to Reuters, Xpeng will raise $1.8 billion in its Hong Kong initial public offering. In premarket trade, shares of the Chinese electric vehicle manufacturer plummeted 2.3 percent in the United States. MongoDB (MDB) has announced the sale of 2.5 million class A common shares in order to raise $889 million. The funds will be used for general corporate reasons by the database platform supplier. In premarket trading, MongoDB stock fell 4.5 percent. Constellation Brands (STZ) posted a quarterly profit of $2.33 per share, which was in line with Wall Street expectations. Revenue was in somewhat higher than expected. General Mills (GIS) – The food company’s quarterly earnings of 91 cents per share topped analysts’ expectations by 6 cents per share. Revenue was also higher than expected. Organic net sales, on the other hand, fell 6% year over year, reflecting the surge in at-home demand as the pandemic spread. Sarah Personette, Twitter’s vice president of global solutions, has been named chief customer officer. She takes over for Matt Derella, who is leaving Twitter after nine years. Las Vegas Sands (LVS) – Following reports that border restrictions between Hong Kong and Macau will be eased in mid-July, Las Vegas Sands rose 1.7 percent in premarket trading. Currently, anyone traveling from Hong Kong to Macau must undergo a 14-day quarantine period. Seagate Technology (STX) – At Barclays, Seagate Technology was upgraded from “underweight” to “equal weight.” The hard disk drive maker’s market is improving, according to the company, particularly in mobile computing. WideOpenWest (WOW) – The internet provider’s stock jumped 4.4 percent in premarket trading after it announced two separate transactions to sell five of its service areas for a total of $1.8 billion. DR Horton (DHI) – Goldman Sachs has named the home builder a “top pick.” Goldman observes that the sector’s stocks are down around 15% from their May highs, and believes that DR Horton is best positioned to weather the storm. Continue reading
