Stocks making the biggest premarket moves: Meta, Rivian, WW International, KeyCorp & more

Visitors take photos in front of the Meta (Facebook) sign at the headquarters of Meta (Facebook) in Menlo Park, California on December 29, 2022.

Typhoon Koskun | Anadolu Agency | Getty Images

Check out the companies making the biggest moves in premarket trading:

Meta — Meta shares rose 2% after Bloomberg reported that the company is planning another round of layoffs as of this week. The company previously cut its workforce by 13% in November as part of CEO Mark Zuckerberg’s efforts to make the company more profitable.

Rivian — The electric-vehicle maker dropped nearly 7% on Monday after announcing plans to sell $1.3 billion worth of bonds. A spokeswoman told Reuters the capital would help facilitate the launch of Rivian’s R2 vehicles.

WW International – Shares of the company formerly known as Weight Watchers soared 17.6% in premarket trading after it announced a deal to acquire telehealth firm Sequence. The move could help WW push into the anti-obesity drug market. WW also released fourth quarter results, showing revenue shrinking year over year and a net loss of $32.5 million. The stock is still trading below $5 per share, however, with a smaller market capitalization.

Joby Aviation — The electric-aircraft maker fell more than 4% after Deutsche Bank downgraded it from hold to sell. The Wall Street firm said the plane’s weight raised questions and it wondered whether the design was “overly aggressive”.

Dick’s Sporting Goods — The sporting-goods retailer rallied more than 6% after fourth-quarter results topped Wall Street’s expectations. Same-store sales rose 5.3%, according to StreetAccount, which more than doubled analysts’ estimate of 2.1%.

KeyCorp – The bank shed 2.3% after issuing full-year net interest income guidance, which was lower than prior guidance, according to an 8-K filing on Monday.

Juniper Networks — The network hardware company added more than 1% after Goldman Sachs initiated coverage of the stock with a buy rating. Its price target of $39 represents a 24.5% upside from Monday’s close.

Mineralis Therapeutics — The health-care company gained about 3% after Credit Suisse initiated coverage of the stock with an outperform rating and a $40 price target, which indicates more than 100% upside. The Wall Street firm said there is a huge unmet need for resistant hypertension treatments and said Mineralis has “potentially best-in-class” data.

Hesai Group – The stock gained 1.4% in light premarket trading after Morgan Stanley initiated coverage of the stock with an overweight rating and $26.50 price target, meaning roughly 40% upside. The Wall Street firm said Hensai “beats peers with its superior scale and margins, and its strong project pipeline.”

— CNBC’s Jesse Pound, Hakyung Kim and Alex Haring contributed reporting.

Rate this post

Leave a Comment