Stocks with Biggest Premarket Moves: Twitter, Wynn Resorts, Las Vegas Sands and more

Take a look at some of the most significant pre-market changes:


Twitter (TWTR) - Twitter dropped in pre-market trading after Elon Musk announced Friday night that he was pulling out of his $44 billion takeover deal. In response, Twitter said it was planning legal action to force Musk to honor the agreed deal.


Wynn Resorts (WYNN), Las Vegas Sands (LVS) - Wynn Resorts is down 6% and Las Vegas Sands is down 5.4% in premarket as the gambling enclave of Macau begins a week-long shutdown to try to contain the spread of Covid-19.


Lululemon (LULU), Under Armor (UAA) - Lululemon fell 3.9% in premarket trading, while Under Armor shed 3% after Jefferies downgraded both clothing manufacturers. Lululemon was downgraded to Unpromising from Hold, with Jefferies noting increased competition and an easing surge in COVID-related demand. Under Armor was downgraded to Hold from Buy due to concerns about management volatility and lagging fundamentals.


Uber Technologies (UBER) - According to a report by the International Consortium for Investigative Journalism, Uber has actively lobbied to loosen labor and tax laws, and has used so-called "stealth technology" to block government inspections and gain public confidence. Uber has issued a statement saying it has made mistakes in the past and is a different company today. Uber shares lost 2.6% in the pre-market.


China technology stocks


These shares fell after the Chinese government fined Alibaba (BABA), Tencent and other Chinese tech companies for failing to comply with antitrust rules and fail to disclose transactions. Alibaba lost 3.9% in the pre-market, (JD) shed 3.4%, Pinduoduo (PDD) shed 4.4% and Baidu (BIDU) shed 3%.


Mattel (MAT) - Mattel has been upgraded to Buy from Neutral at Goldman Sachs, which believes the toymaker will benefit from demand from new TV and movie releases. In the pre-market, Mattel shares rose 2.9%.


Nio (NIO) - A Chinese electric vehicle maker said its board of directors has formed an independent committee to investigate allegations made by short-selling firm Grizzly Research. Grizzly accused Nio of exaggerating earnings and profit margins, to which Nio responded that the allegations were unfounded. In the pre-market, Nio lost 3.2%.


Qorvo (QRVO) - The RF technology provider's rating has been downgraded to "market performance" from "optimistic" by Cowen, who believes the weakness in the Android market will impact revenues and profit margins. Qorvo lost 2.9% in the pre-market.

11 July, 2022

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