Stocks making the biggest moves in the premarket: Nike, Spirit Airlines, Occidental Petroleum and more
Take a look at some of the biggest movers in the premarket:
Nike (NKE) – Nike fell 2.4% in premarket trading despite reporting better-than-expected quarterly profit and revenue. The athletic apparel and footwear maker forecast current-quarter revenue below analysts' estimates amid increased promotional activity and ongoing disruptions in its profitable Chia market.
Spirit Airlines (SAVE) – Spirit added 4% in the premarket as the battle to buy the airline intensifies. JetBlue (JBLU) responded to Frontier Group's (ULCC) latest improved offer by sweetening its own bid, adding a monthly pre-payment of 10 cents per share between January 2023 and the deal's close, as well as a $50 million breakup fee increase to $400 million and a $2.50 per share payment when the deal is approved. Frontier rose 2.7%, while JetBlue edged lower by 0.3%.
Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC), Wells Fargo (WFC) – These banks raised their dividends after passing their annual stress tests, but JPMorgan Chase (JPM) and Citigroup © kept their payouts flat. Morgan Stanley gained 3.3% in premarket action, Goldman rose 1.7%, Bank of America added 1.1% and Wells Fargo gained 0.7%.
Occidental Petroleum (OXY) – Occidental Petroleum gained 4% in premarket trading after Berkshire Hathaway (BRK.B) revealed additional purchases of Occidental Petroleum shares, increasing its stake to 16.4%.
Robinhood Markets (HOOD) – Robinhood fell 3.7% in premarket action after FTX CEO Sam Bankman-Fried threw cold water on a Bloomberg report that FTX might be interested in buying the trading platform company. Bankman-Fried told CNBC that although he is impressed by Robinhood and has been excited about potential partnerships, there are no active M&A
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