Check out some of the most important premarket engines:
Peloton (PTON) – Peloton tells a new advisor to the Consumer Product Safety Commission that he is “inaccurate and misleading,” saying his treadmills are safe when safety recommendations are followed. The CPSC said consumers with young children or pets should stop using treadmills after the investigation into the death of a child caused dozens of injuries. Shares fell 6.7% in premarket trading.
Coca-Cola (KO) – Coca-Cola recorded a quarterly profit of 55 cents per share, surpassing estimates at 5 cents per share. Revenue also exceeded Wall Street forecasts and operating margins improved over the previous year. The pace came despite continued pressure on sales outside the home due to the pandemic.
GameStop (GME): GameStop general manager George Sherman will step down on or before July 31 if a successor is found before then. The company said in a statement from the Securities and Exchange Commission that it has been evaluating executive leadership to make sure it is suitable for a changing business landscape. Separately, Keith Gill, the man known as “Roaring Kitty,” exercised options to buy 50,000 more shares of the video game retailer at a retail price of $ 12 per share, according to a Bloomberg report. Gill now owns 200,000 GameStop shares. GameStop jumped 8.6% in premarket trading.
Harley-Davidson (HOG): The motorcycle maker earned $ 1.68 per share over the last quarter, well above the agreed-upon estimate of 88 cents per share. Revenue essentially matched forecasts. Harley also raised year-round guidelines on motorcycle revenue and profit margins, saying the actions it has taken to reshape its business have yielded positive results. Separately, Harley said it would appeal a European Union ruling that could subject it to a massive tariff increase for European sales. Shares gained 8.4% in premarketing shares.
Herman Miller (MLHR) – Shares of office furniture maker fell 12% in pre-market shares after announcing a deal to buy furniture and accessories company Knoll (KNL) for $ 1.8 billion in cash and actions. The deal is worth $ 25.06 per share, compared to Knoll’s closing price on Friday of $ 17.23, and Knoll’s shares rose more than 28% in the market.
M&T Bank (MTB): The bank earned $ 3.41 per share over the last quarter, compared to a consensus estimate of $ 3 per share. Revenue also exceeded estimates. The bank noted improvements in its residential and trusted mortgage banking business, among other factors, and shares rose 1.4% in premarket trading.
Coinbase (COIN): Coinbase fell 2% in the premarket, with two notable transactions that included shares in the news. Cathie Wood’s ARK funds bought more shares on Friday, according to her company’s daily business summary, while regulatory statements show that Coinbase CEO Brian Armstrong sold about $ 292 million in shares the first Coinbase trading day.
Church & Dwight (CHD) – Consumer product maker shares fell 1.9% ahead of market after Morgan Stanley reduced it to “underweight” of “equal weight”, with rising commodity costs which could pressure the profits.
Tribune Publishing (TPCO) – Swiss billionaire Hansjorg Wyss has dropped an offer for Tribune, according to the Wall Street Journal. This causes Choice Hotels president Stewart Bainum to look for a new partner in his candidacy for newspaper editor as he tries to surpass Alden Capital’s hedge fund for Tribune.
Tesla (TSLA) – Texas police officials investigating the fatal crash of a Tesla vehicle say they are almost certain no one was behind the wheel at the time. It is not yet known if the car’s “autopilot” system was activated when the crash occurred on Saturday. Tesla fell 1.9% in the premarket.
First Solar (FSLR): The solar power company rose 3.1% in premarket trade after being upgraded to “buy” from “neutral” on Citi. The firm points to “multiple positive catalysts,” including a potential ten-year extension of the federal tax credit.