Look at some of the biggest movers in the consumer market:
Illumina (ILMN) – Illumina issued a preliminary forecast for the current quarter and full year that exceeded current analytical estimates. The life sciences company said the expected results are driven by record orders in its gene sequencing and related companies. Illumina jumped 9.2% in pre-market action.
Cara Therapeutics (CARA) – Cara Therapeutics shares rose 11.4% before the market following news that the biopharmaceutical company̵
Snap (SNAP) – Snap shares rose 1.5% in pre-market action following an upgrade at Atlantic Equities, which now rates Snapchat parents’ stock as “overweight” compared to the previous “neutral”. The company cites valuation as a key factor as well as Snap’s transformation from a messaging-centric platform to a broad content platform.
Mudrick Capital Acquisition (MUDS) – The special purpose acquisition company takes Topps – best known for baseball cards and Bazooka chewing gum – publicly in a merger that values the company at $ 1.3 billion. Top Chairman and former Disney CEO Michael Eisner will roll out his entire stake in the new company. Mudrick rose 18.5% in pre-market trading.
Credit Suisse (CS) – The bank will receive a $ 4.7 billion hit from its hedge fund Archegos Capital Management business and has announced that Chief Risk Officer Lara Warner and Brian Chin, chief investment officer, are leaving the company. Credit Suisse also launched an investigation into the Archegos-related losses.
Moderna (MRNA) – Moderna entered into an agreement with contract manufacturer Catalent (CTLT) for almost double production of Moderna’s Covid-19 vaccine in Catalent’s Bloomington, Indiana, plant, according to The Wall Street Journal.
Phillips 66 (PSX) – The energy producer said it would report a larger-than-expected loss in the first quarter stemming from the harsh winter weather in the central and southern U.S. states that paralyzed its petrochemical operations off the Gulf Coast. Phillips fell 1.3% in pre-market trading.
Southwest Airlines (LUV) – Southwest recalled 209 pilots from voluntary leave with plans to bring them back to active duty on June 1st. The move comes in anticipation of a summer rebound in travel demand.
Tesla (TSLA) – The Tesla stock is only worth $ 150 per tonne. Stock, according to senior research analyst Roth Capital Craig Irwin. Irwin called Tesla only a “minor player” in the US and European markets and told CNBC that people mistakenly assume that Tesla has no competition.
Niu Technologies (NIU) – The Beijing-based company reported sales of 149,649 e-scooter sales in the first quarter against 40,160 in the quarter last year. Niu Technologies shares rose 1% in pre-market trading.
BlackRock (BLK) – Credit Suisse named the asset management firm “top choice” and said it expects “robust organic growth” from BlackRock, stemming from an attractive business mix.
GameStop (GME) – The stock on the video game retailer is down 1% in pre-market trading after an unstable session on Monday following news that GameStop planned to issue up to 3.5 million shares.
Signet Jewelers (SIG) – The jewelry retailer announced an agreement to purchase Rocksbox subscription services for an undisclosed amount.