Oak Street Health, Frontline, Boeing and more

A Boeing 737 MAX 8 sits outside the hangar during a Boeing 737 MAX media tour at the Boeing factory in Renton, Washington.

Matt McKnight | Reuters

Find out which companies are making headlines in pre-market commerce.

Oak Street Health – Oak Street Health shares jumped 36% after a Bloomberg report that SVC is considering options to buy the healthcare company for more than $10 billion. CVS stock fell about 0.5% on the news.

First line – Shipping stock jumped more than 24% in premarket trading after Frontline announced it was ending its association with Euronav. Frontline CEO Lars Barstad said both companies “already enjoy economies of scale”.

CureVac – CureVac shares jumped 19% after the company announced it planned further patient trials of its mRNA vaccines for Covid-19 and influenza. The company also announced that Sanofi veteran Alexander Zehnder will become CEO in April.

Boeing – The aerospace giant fell more than 2% after Morgan Stanley downgraded Boeing to equal weight to overweight, citing a lack of upside potential from current levels. “We see a balanced risk reward as the majority of the positive near to mid-term catalysts for the stock have been realized,” Morgan Stanley said in a note.

Norwegian cruise line – Shares fell 3.3% after being downgraded to an underweight from an equal weight by Morgan Stanley, which raised concerns about how overcapacity could hurt pricing power . Meanwhile, the company has upgraded its competitor Royal Caribbean, which added 0.3% in the pre-market, to equal underweight.

Coinbase – Coinbase shares last traded flat after rising slightly before market after announcing plans to cut 20% of its workforce. The move marks the second major round of cuts as the company seeks to cut costs after hitting expansion mode during the bull market.

Sotera Health – Shares soared more than 58% in the pre-market after the company announced that its subsidiaries had reached agreements to settle more than 870 cases linked to exposure to the carcinogen ethylene oxide , at its Willowbrook facility. Sotera agreed to pay $408 million and said the settlement is not an admission that the broadcasts posed a security risk.

Bumblebee – Bumble rose more than 2% after KeyBanc upgraded dating app stock to overweight industry weight, noting, “The competitive environment appears stable and economic pressures are easing.

pristine orbit — The company’s shares fell 19% after Virgin Orbit satellites launched from UK soil failed to reach their target orbit. “While we are very proud of the many things we have successfully accomplished on this mission, we are aware that we have fallen short of providing our customers with the launch service they deserve,” said CEO Dan Hart.

– CNBC’s Samantha Subin, Alexander Harring, Jesse Pound and Michelle Fox contributed reporting

Leave a Reply

Your email address will not be published. Required fields are marked *