Take a look at some of the biggest movers in the premarket:
Continental Resources (CLR) – The oil and natural gas producer’s stock rallied 7.4% in the premarket after receiving a $70 per share “take private” bid from Chairman Harold Hamm and his family. The company’s board will establish an independent committee to evaluate the proposal.
Oracle (ORCL) – Oracle surged 12% in premarket trading after reporting better-than-expected profit and revenue for its latest quarter. Oracle is seeing strong demand for its cloud software as more businesses transition to a hybrid workplace.
National Vision (EYE) – The optical products retailer’s stock soared 14.3% in the premarket following news that it will be added to the S&P SmallCap 600 index. The change will be effective prior to the opening of trading on Thursday.
Twitter (TWTR) – Twitter shares rose 2.7% in premarket action following news that Elon Musk would attend an all-hands employee meeting on Thursday. Musk agreed in April to buy Twitter for $44 billion but has since threatened to back out of the deal.
Best Buy (BBY) – Best Buy fell 1.3% in premarket trading after Bank of America Securities downgraded the electronics retailer’s stock to “neutral” from “buy.” BofA points to increasing uncertainty about Best Buy’s 2023 earnings prospects.
Nokia (NOK) – Nokia was upgraded to “buy” from “neutral” at Citi, which cites improving fundamentals for the networking hardware and software maker. Citi points to particular strength for Nokia in the mobile infrastructure market. The stock added 2.8% in premarket action.
Coinbase (COIN) – The cryptocurrency exchange operator’s stock slid 4.8% in the premarket after J.P. Morgan Securities downgraded it to “neutral” from “overweight.” J.P. Morgan said the extreme 2022 decline in the crypto markets, plus Coinbase’s increased investments, make it difficult to foresee profitability in the near future.
Coty (COTY) – Coty rose 1% in premarket trading after the cosmetics company reaffirmed its financial outlook for both the current quarter and the full year. Coty is set to present at Deutsche Bank’s Global Consumer Conference today.
Philip Morris (PM) – The tobacco company said it now expects a better performance from its core business than previously anticipated, and that it continues to see growth in its IQOS electronic cigarette business. The stock rose 1% in the premarket ahead of a company presentation at today’s Deutsche Bank conference.
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