Check out the companies making headlines before the bell:
Baidu (BIDU) – Baidu shares jumped 4.1% in premarket trading after Reuters reported the China-based internet search giant is in talks to sell its controlling stake in the video streaming company iQIYI (IQ). iQIYI fell 3.4%.
MicroStrategy (MSTR) – MicroStrategy lost 2.2% in the premarket as the price of bitcoin touched an 18-month low. The business analytics company has extensive bitcoin holdings.
Moderna (MRNA) – Moderna won the recommendation of an FDA panel for use of its Covid-19 vaccine in children aged 6 to 17 years. A vote by the full FDA could come within a few days. Moderna rose 1% in premarket action.
Stellantis (STLA) – Stellantis will begin indefinite layoffs next week at its Sterling Heights, Michigan stamping plant. The world’s fourth-largest automaker did not specify how many workers would be impacted. Stellantis rallied 3.4% in the premarket.
Zendesk (ZEN) – Zendesk is in settlement talks with activist investor Jana Partners after ending an unsuccessful effort to sell the software company, according to people familiar with the matter who spoke to the Wall Street Journal. The paper said proposed changes could involve CEO Mikkel Svane stepping down as well as changes to the board of directors. Zendesk added 1% in premarket trading.
Robinhood Markets (HOOD) – The trading platform operator was downgraded to “underweight” from “neutral” at Atlantic Equities, which cited Robinhood’s revenue trends. Robinhood slid 4.2% in premarket action.
Snowflake (SNOW) – The cloud computing company was upgraded to “buy” from “hold” at Canaccord Genuity. Shares have fallen more than 65% in 2022, but Canaccord said the stock is now at an attractive entry point, given growing demand and promising new products. Snowflake gained 3.6% in the premarket.
Wheels Up (UP) – The private jet company’s stock rose 2.1% in premarket trading after Goldman began coverage with a “buy” rating, saying Wheels Up is a leading company in an established and growing end market.
Sonos (SONO) – The high-end speaker maker was downgraded to “equal-weight” from “overweight” at Morgan Stanley, which is concerned about the impact of more cautious consumer spending. Sonos fell 3.1% in the premarket.
— CNBC’s Peter Schacknow contributed reporting.
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