Stocks making the biggest moves in the premarket: Twitter, Wynn Resorts, Las Vegas Sands and more

cnbc.com:

Take a look at some of the biggest movers in the premarket:

Twitter (TWTR) – Twitter slid in premarket trading after Elon Musk announced late Friday that he was abandoning his $44 billion takeover deal. Twitter responded by saying it plans legal action to hold Musk to the agreed-upon transaction.

Wynn Resorts (WYNN), Las Vegas Sands (LVS) – Wynn Resorts dropped 6% and Las Vegas Sands fell 5.4% in the premarket, as the gambling enclave of Macau begins a one-week shutdown to try to contain the spread of Covid-19.

Lululemon (LULU), Under Armour (UAA) – Lululemon fell 3.9% in the premarket while Under Armour lost 3% after Jefferies downgraded both apparel makers. Lululemon was cut to «underperform» from «hold,» with Jefferies noting increased competition and an easing of the COVID-related spike in demand. Under Armour was downgraded to «hold» from «buy» on concerns about management volatility and lagging fundamentals.

Uber Technologies (UBER) – Uber is said to have lobbied extensively to relax labor and tax laws, and used so-called «stealth technology» to block government scrutiny and gain public trust, according to a report by the International Consortium of Investigative Journalists. Uber issued a statement saying it had made mistakes in the past and that it is a different company today. Uber lost 2.6% in premarket action.

China tech stocks – These stocks fell after the Chinese government fined Alibaba (BABA), Tencent and other China tech companies for failing to comply with anti-monopoly rules and not disclosing transactions. Alibaba lost 3.9% in the premarket, with JD.com (JD) off 3.4%, Pinduoduo (PDD) slipping 4.4% and Baidu (BIDU) down 3%.

Mattel (MAT) – Mattel was upgraded to «buy» from «neutral» at Goldman Sachs,