Take a look at the companies that appear in the headlines before the bell:
Kellogg (K) – Kellogg jumped 8.1% in pre-market trading after announcing plans to split three separate public companies. One company will include the snack and international cereals business, another the US cereals business, and a third will be a plant-based food business.
Lennar (LEN) – The home builder reported an adjusted quarterly earnings of $ 4.69 per share, exceeding the consensus estimate of $ 3.96, and earnings also exceeded forecasts. However, the company said it was beginning to see the impact of higher interest rates and a rapid rise in housing prices towards the end of the quarter.
Spirit Airlines (SAVE) – Spirit rose 8.1% in pre-market trading after JetBlue (JBLU) increased its takeover bid for Spirit by $ 2 to $ 33.50 per share. Spirit plans to decide by the end of the month whether to stick to its merger deal with Frontier Group (ULCC) or accept JetBlue’s offer. JetBlue rose 1.6%.
Mondelez (MDLZ) – Mondelez buys energy bar maker Clif Bar & Co. for $ 2.9 billion with possible additional payments depending on financial results. The deal is expected to close in the third quarter.
Valneva (VALN) – Valneva shares jumped 81.8% in the pre-market after Pfizer (PFE) agreed to buy an 8.1% stake in the French vaccine maker for more than $ 95 million. Pfizer and Valneva are already partners in a joint venture to develop treatments for Lyme disease.
Tesla (TSLA) – Tesla added 3.2% to pre-market action after CEO Elon Musk gave more details about planned job cuts announced earlier this month. Musk told Bloomberg that the company will cut staff by about 10% over the next three months, leading to an overall reduction of about 3.5%.
Twitter (TWTR) – In the same interview with Bloomberg, Musk said that there are still some unresolved issues regarding his deal to buy Twitter, including information about spam accounts and finalizing the financing of the deal. Meanwhile, a new statement from the SEC on Twitter recommended shareholders vote in favor of Musk’s takeover bid of $ 54.20 per share. Twitter added 1.2% to premarkets.
Exxon Mobil (XOM) – Exxon Mobil has been upgraded to “superior” from “neutral” at Credit Suisse, highlighting Exxon’s investment in attractive oil and gas projects. Exxon Mobil added 2.6% to pre-sales.
Sunrun (RUN) – Shares of the solar energy company rose 2.5% in pre-market trading after Goldman said Sunrun remains the best way to invest in solar growth in residential buildings. Goldman rates Sunrun as a “buy” while downgrading its rival SunPower (SPWR) to a “sell” from a “neutral”. SunPower was down 2.7%.
Charles Schwab (SCHW) – The brokerage firm was upgraded to “buy” from “neutral” at UBS, which called Schwab a quality name well isolated from credit and market risk. Schwab jumped 3.3% in premarketing.
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