Stocks making the biggest premarket moves: Meta, Rivian, WW International, KeyCorp and more
Check out the companies making the biggest moves in premarket trading:
Meta — Meta shares gained 2% after a Bloomberg report announced that the company is planning another round of layoffs as soon as this week. The company previously cut 13% of its workforce in November as part of CEO Mark Zuckerberg’s efforts to make the company more profitable.
Rivian — The electric-vehicle maker dropped nearly 7% after announcing Monday it plans to sell $1.3 billion worth of bonds. The capital will help facilitate the launch of Rivian’s R2 vehicles, a spokesperson told Reuters.
WW International — Shares of company formerly known as Weight Watchers jumped as much as 17.6% in premarket trading after announcing a deal to acquire telehealth firm Sequence. The move could help WW push into the anti-obesity drug market. WW also released fourth-quarter results, showing shrinking revenue year over year and a net loss of $32.5 million. The stock is still trading below $5 a share, however, with a small market cap.
Joby Aviation — The electric-aircraft maker fell more than 4% after being downgraded to sell from hold by Deutsche Bank. The Wall Street firm said the aircraft’s weight has raised questions and led him to wonder if the design is “overly aggressive.”
Dick’s Sporting Goods — The sporting-good retailer rallied more than 6% after its fourth-quarter results topped Wall Street’s expectations. Same-store sales increased 5.3%, more than double analysts’ estimates of 2.1%, according to StreetAccount.
KeyCorp — The bank shed 2.3% after issuing full-year net interest income guidance that was lower than prior guidance, according to an 8-K filing on Monday.
Juniper Networks — The network hardware company added more than 1% after Goldman Sachs initiatived coverage of the stock with a buy rating. Its price target of $39 implies 24.5% upside from Monday’s close.
Mineralys Therapeutics — The health-care company gained about 3% after Credit Suisse initiated coverage of the stock with an outperform rating and $40 price target, which suggests upside of more than 100%. The Wall Street firm said there is a large unmet need for resistant hypertension treatment and said Mineralys has “potential best-in-class” data.
Hesai Group — The stock gained 1.4% in light premarket trading after Morgan Stanley initiated coverage of the stock with an overweight rating and $26.50 price target, which implies nearly 40% upside. The Wall Street firm said Hensai “outshines peers, with its superior scale and margin, and its strong project pipeline.”
— CNBC’s Jesse Pound, Hakyung Kim and Alex Harring contributed reporting.