Check out the companies that make news before the bell:
Boeing (BA) – Boeing added 1.2% to pre-market, following news that it planned to invest in a planned SPAC merger later this year by Richard Branson’s satellite launch company Virgin Orbit . Virgin Orbit plans to merge with the company NextGen Acquisition (XOS) with blank checks, whose shares jumped 6% after the announcement.
Coinbase (COIN) – Coinbase jumped 3.2% in premarket trading, with shares of the cryptocurrency exchange benefiting from Bitcoin rising to its highest level since early May. Shares of business analysis firm MicroStrategy (MSTR), which has a broad stake in bitcoins, rose 3.9%.
Pfizer (PFE), BioNTech (BNTX): Drug manufacturers are expected to receive full FDA approval for the Covid-19 vaccine as soon as today, according to several reports. The vaccine had received emergency use authorization by the end of 2020. Pfizer added 3.9% in pre-market shares, while BioNTech increased 7.7%. Modern (MRNA) is also in the process of requesting full FDA approval of its Covid-19 vaccine and its shares increased 2.9%.
Trillium Therapeutics (TRIL) – Pfizer said it would buy the part of the cancer therapy specialist it does not yet own in a deal worth $ 2.262 billion or $ 18.50 per share in cash. That compares to Friday’s close of $ 6.09 per share on Trillium. Pfizer had invested $ 25 million in Trillium in September 2020. Trillium shares nearly tripled in premarket trading.
General Motors (GM) – General Motors has extended the withdrawal of its Chevy Bolt electric car to include newer models, a move that will cost the carmaker an additional $ 1 billion. Withdrawal will address an issue that may increase the risk of battery fires. GM fell 2.1% in the pre-market.
Uber (UBER), Lyft (LYFT), DoorDash (DASH) – These stocks are being monitored after a California judge ruled that the state’s “concert workers” law was unconstitutional. California voters had passed a voting measure last November that allowed these companies to treat workers as independent contractors rather than as employees. The companies – which put a lot of pressure to approve the measure – plan to appeal. Uber fell 5.8% in premarket trade, with Lyft up 4.5% and DoorDash also lost 4.5%.
Didi Global (DIDI): The Chinese vehicle transport company may be forced to deliver shares with special rights to the Chinese government, according to a report published in the Financial Times. Didi rose 1.9% in premarket trading.
PayPal (PYPL): PayPal will allow UK customers to buy, hold and sell cryptocurrencies starting this week, their first launch of cryptocurrency services outside the United States. PayPal added 1% to the premarket.
Robinhood (HOOD): The company behind the popular commercial app was added to the coverage of a handful of investment firms after its initial public offering in late July, including Goldman Sachs (neutral score) , Mizuho (buy), JMP Securities (over), Barclays (equal weight) and Piper Sandler (neutral). Robinhood added 2.7% to the premarket.
JD.com (JD): The Chinese e-commerce company reported better-than-expected earnings and revenue during the second quarter, while adding a record number of new users.