Check out some of the biggest movers in the premarket:
Spirit Airlines (SAVE) – Spirit rose 11.4% in the pre-market after announcing it would merge with competitor Frontier Airlines in a $6.6 billion share swap deal, including assumed debt. Shares of Frontier’s parent company Frontier Group (ULCC) fell 2.4%.
Peloton (PTON) – Peloton shot 28.5% higher in premarket trading after reports that both Amazon.com (AMZN) and Nike (NKE) are considering possible bids for the fitness equipment maker. The reports come a few days after activist investor Blackwells Capital urged the Peloton board to consider selling the company.
Energizer (ENR) – The company best known for its batteries saw its stock rise 5.7% in premarket trading after reporting better-than-expected quarterly results. Energizer beat estimates at an 8 cent share, with earnings of $1.03 per share. Sales also exceeded Wall Street’s forecasts. Energizer warned that the current work environment remains “highly volatile”.
Zimmer Biomet (ZBH) – The orthopedic and other medical products maker reported quarterly earnings of $1.95 a share, missing consensus estimates by 3 cents a share. Sales lagged behind analysts’ forecasts. The company said the ongoing pandemic continued to put pressure on its business during the quarter and its premarket share fell 5.4%.
Hasbro (HAS) – Hasbro added 2.2% in premarket trading after the toymaker beat top and bottom-line estimates for its latest quarter. Hasbro made $1.21 a share, well above 88 cents, a stock consensus estimate. Revenues from the television, film and entertainment activities increased by 61% year-on-year. Hasbro also increased its quarterly dividend by 3% to 70 cents a share.
Tyson Foods (TSN) – Tyson rose 4.2% in the premarket after its quarterly earnings report. The company beat estimates by 97 cents per share, with quarterly earnings of $2.87 per share. The beef and poultry producer’s sales also exceeded analysts’ forecasts. Tyson said it was on track to deliver $1 billion in productivity savings by the end of fiscal 2024.
Bumble (BMBL) – The dating service operator announced the acquisition of European dating app company Fruitz for an undisclosed sum, Bumble’s first-ever takeover deal. Fruitz is especially popular among Gen Z consumers.
Ford (F) – Ford fell 1.1% in premarket action after announcing it will suspend or reduce production at eight of its North American plants due to the global semiconductor shortage. Those changes will be in effect throughout the week.
Spotify (SPOT) – Spotify CEO Daniel Ek said he strongly condemns racist comments by podcaster Joe Rogan, but said removing his podcast from the Spotify platform is not the solution. A number of popular music artists have had their music pulled from Spotify amid controversy over Rogan’s comments about Covid-19. Spotify shares fell 2% in the premarket.
Snowflake (SNOW) – The cloud data platform provider’s share rose 4.8% in the pre-market after Morgan Stanley upgraded it to “overweight” from “equal-weight,” saying investors are underestimating Snowflake’s potential for sustainability and quality of growth.
CORRECTION: This article has been updated to reflect the merger between Spirit Airlines and Frontier Airlines.