Palantir, MicroStrategy, CoreLogic & extra
Check out some of the largest moving companies on the pre-market:
Palantir Technologies (PLTR) – The business analytics company’s stock declined 6.2% in the pre-market after reporting a quarterly loss, although revenue beat Street’s estimates on a surge in new contracts.
AutoNation (AN) – The car dealer beat estimates by 42 cents per share with quarterly earnings of $ 2.43 per share. Sales were also above estimates as demand remains high with low inventory levels. AutoNation announced the addition of $ 1 billion to its share buyback program, and its shares are up 1.9% in premarket trading.
MicroStrategy (MSTR) – The business analytics firm continues to benefit from its substantial investment in Bitcoin, which is now near the $ 50,000 mark. Their shares rose another 5% in the pre-market.
Constellation Brands (STZ) – Brewery AB InBev (BUD) is suing Constellation for using the Corona brand name for its tough seltzer. AB InBev contends that under a 2013 contract between the two relating to the brand name, Constellation was banned from being used on products other than beer. AB InBev’s shares are up 3% in premarket trading.
CoreLogic (CLGX) – CoStar Group (CSGP) has filed a new offer to acquire rival real estate data provider CoreLogic for $ 95.76 per share after CoreLogic agreed on February 4 to sell private equity firms Stone Capital and Insight Partners for $ 80 per share in cash. CoStar submitted its new bid in a letter to the CoreLogic board, saying it was stunned to hear that CoreLogic had accepted this deal versus its previous bid of $ 86.30 per share. CoreLogic rose 5.5% in premarket trading, while CoStar fell 3.4%.
Southwest Airlines (LUV) – The airline announced that it is continuing to have a significant year-over-year passenger demand impact due to Covid-19, although it expects an improvement from February to March. The Southwest share gained 2.2% in the pre-market.
CVS Health (CVS) – CVS reported quarterly earnings of $ 1.30 per share, 6 cents per share above estimates. The revenue also exceeded Wall Street projections, aided in part by Covid-19 testing and vaccinations at pharmacies. Their shares rose 2.4% in premarket trading.
Progressive (PGR) – The insurer has signed a contract to acquire Protective Insurance (PTVCB) for $ 23.30 per share in cash, compared to Protective’s Friday close of $ 15.01 per share. The protection shares rose in premarket trading by around 47%.
Apple (AAPL) – Automaker Nissan said it was not in talks with Apple about a possible autonomous vehicle joint venture. A report in the Financial Times said the two companies had briefly discussed the matter, but those talks had stalled.
Facebook (FB) – Facebook is developing a smartwatch that will provide messaging capabilities and health and fitness information, according to technology website The Information, which cites people familiar with the matter. Sales of the device should begin next year, according to the report.
Nvidia (NVDA) – The Federal Trade Commission has opened an investigation into the graphics chipmaker’s deal to purchase UK-based chip designer Arm Holdings for up to $ 40 billion. The deal was reportedly the subject of protests by Alphabet (togetL), Qualcomm (QCOM) and Microsoft (MSFT) against regulators. Nonetheless, Nvidia shares rose 1.2% in the pre-market.
Bristol-Myers Squibb (BMY) – Bristol and French partner Sanofi (SNY) will pay Hawaii more than $ 834 million in a case involving the blood-thinning drug Plavix. The state had accused drug manufacturers of failing to warn non-white patients about the risks associated with the drug. Bristol and Sanofi said the verdict inconsistent with the evidence and vowed to appeal.
Toyota Motor (TM) – The automaker will suspend production at nine factories in Japan after an earthquake struck the northeastern region of Japan last week. Toyota has not disclosed the impact on production. Its shares are down 1.1% in premarket trading.
Cintas (CTAS) – The uniforms and building technology provider announced a better-than-expected earnings outlook for the current quarter, saying it now has a clearer picture of the impact Covid-19 is having on its business and its balance sheet remains solid.