A Boeing 737 MAX 8 sits outside the hangar during a media tour of the Boeing 737 MAX at the Boeing plant in Renton, Washington.
Matt McKnight Reuters newspaper
Check out the companies that make headlines in premarket trading.
Oak Street Health – Shares of Oak Street Health rose 36% after a Bloomberg report CVS is exploring the option of buying the health care company for more than 10 billion dollars. CVS stock ticked down about 0.5% on the news.
Frontline – The shipping stock rose more than 24% in premarket trading after Frontline announced it was ending its combination with Euronav. Frontline CEO Lars Barstad said that both companies “are already enjoying economies of scale.”
CureVac – CureVac shares surged 19% after the company said it plans more patient testing of its mRNA vaccines for Covid-19 and the flu. 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 overweight, citing a lack of upside potential at current levels. “We see a balanced risk reward as the majority of near- and medium-term positive catalysts for the stock have been realized,” Morgan Stanley said in a note.
Norwegian Cruise Line – Shares fell 3.3% after a downgrade from underweight to equal weight by Morgan Stanley, which cited concerns about how overcapacity could hurt pricing power. Meanwhile, the firm improved competitor Royal Carribean, which added 0.3% to the premarket, to equal weight from weight.
Coinbase – Coinbase shares traded last after rising slightly premarket on news that it plans to cut 20% of its workforce. The move marks the second major round of cuts as the company looks to trim costs after hitting expansion mode during the bull market.
Sotera Sante – Shares soared more than 58% in the premarket after the company announced its subsidiaries reached agreements to settle more than 870 cases related to exposure to ethylene oxide, a carcinogen, from its Willowbrook facility. Sotera agreed to pay $408 million and said the settlement was not an admission that the emissions posed a safety hazard.
Bumble — Bumble popped more than 2% after KeyBanc upgraded the dating app stock to overweight from sector weight, noting: “The competitive environment appears stable, and economic pressures are easing.”
Virgin orbit — The company’s stock fell 19% after Virgin Orbit satellites launched from British soil fell short of their target’s orbit. “While we are very proud of the many things that we have successfully achieved as part of this mission, we are mindful that we have failed to provide our customers with the launch service they deserve,” CEO Dan Hart said.
– CNBC’s Samantha Subin, Alexander Harring, Jesse Pound and Michelle Fox contributed reporting