Stocks making the biggest moves in the premarket: Tesla, Beyond Meat, Coinbase and more
Take a look at some of the biggest movers in the premarket:
Tesla (TSLA) – Tesla will ask shareholders to authorize the issuance of additional shares at the upcoming annual meeting so it can pay a stock dividend, according to a company tweet. The additional shares would enable the company to split its stock. Tesla jumped 5.4% in the premarket.
Beyond Meat (BYND) – Beyond Meat slid 5.1% in the premarket after Piper Sandler downgraded the stock to «neutral» from «underweight.» Piper points to increasing competition for plant-based meat substitutes, as well as lower positive expectations for the impact of a nationwide McDonald's (MCD) launch.
Coinbase (COIN) – The cryptocurrency exchange operator is reportedly near a deal to buy 2TM, the parent of Brazilian cryptocurrency brokerage Mercado Bitcoin, according to a local newspaper. The paper said a deal could be closed by the end of April. Coinbase rallied 4.2% in the premarket.
Apple (AAPL) – Apple will reportedly cut planned iPhone SE output by 20% next quarter, according to a report by Japan's Nikkei news service citing weaker-than-expected demand. Apple fell 1.2% in premarket trading.
Poly (POLY) – The communications technology company agreed to be acquired by HP Inc. (HPQ) for $40 per share, compared to Poly's Friday close of $26.20 per share. The companies expect the deal to close before the end of this year.
Foot Locker (FL) – The athletic footwear and apparel retailer's stock fell 1.7% in premarket trading after Cowen downgraded it to «market perform» from «outperform.» Cowen said despite an inexpensive valuation, investors may be underappreciating the potential impact of inflation.
Barclays (BCS) – Barclays lost 3.1% in premarket action after the British bank
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