Take a look at some of the biggest movers in the premarket:
Citrix Systems (CTXS) – Citrix is near a deal to be taken private for roughly $13 billion, according to multiple media reports. The deal would see the cloud computing company acquired by Vista Equity Partners and an affiliate of Elliott Management for $104 per share. That’s below the Friday closing price for Citrix of $105.55 a share, with the stock up over the past few months on reports of takeover talks. Its shares fell 3.4% in premarket trading.
BlackBerry (BB) – The communications software company’s stock tumbled 6.1% in the premarket after it announced a deal to sell its non-core patent assets for $600 million. The patents primarily involve mobile devices, messaging and wireless networking, with patents essential to its current core business not involved in the deal. The buyer is Catapult IP innovations, a special purpose vehicle formed specifically to buy those patents.
Spotify (SPOT) – Spotify shares rose 1.5% in premarket trading after the audio streaming service took steps to address the controversy surrounding its Joe Rogan podcast, which has been accused of spreading Covid-19 misinformation. Spotify publicized its platform policies and announced the creation of a coronavirus information hub.
Otis Worldwide (OTIS) – The elevator and escalator maker reported quarterly profit of 72 cents per share, 4 cents a share above estimates. Revenue essentially came in line with forecasts. Otis also said sales growth would slow this year and forecast adjusted 2022 earnings per share at $3.20 to $3.30, compared to a consensus estimate of $3.29 a share.
Walgreens (WBA) – Walgreens has kicked off the sales process for its Boots international drug store unit, according to people with knowledge of the matter who spoke to Bloomberg. A number of buyout firms, including Sycamore Partners, are said to be mulling bids for the unit. Walgreens fell 1% in premarket action.
Marathon Petroleum (MPC) – Marathon Petroleum is down in premarket trading, following a Reuters report that the United Steelworkers Union rejected a contract offer from the energy producer. The offer would have given refinery and chemical plant workers a 4% pay increase over three years, according to people familiar with the matter. Marathon fell 1.1% in premarket trading.
Beyond Meat (BYND) – Beyond Meat was double-upgraded to “overweight” from “underweight” at Barclays, which increased its price target on the maker of plant-based meat alternatives to $80 per share from $70 a share. Barclays cites the company’s growth potential, especially in the U.S. retail market. Beyond Meat jumped 4.4% in the premarket.
Intuitive Surgical (ISRG) – Intuitive Surgical was upgraded to “overweight” from “neutral” at Piper Sandler, which cites a number of factors including valuation for the maker of surgical equipment. The stock had fallen nearly 8% on Jan. 21 following its quarterly earnings and remains at roughly the same level. Intuitive Surgical added 1.2% in premarket action.
Netflix (NFLX) – Netflix added 2.5% in the premarket after Citi upgraded the stream service’s stock to “buy” from “neutral.” Citi said that following the recent sell-off, prevailing equity values don’t reflect material subscriber growth prospects or improving subscriber economics beyond 2023.
Align Technology (ALGN), Envista (NVST) – The maker of Invisalign dental braces was rated “overweight” in new coverage at Morgan Stanley, which notes the recovery for the dental market following pandemic-related disruption and said that dental product specialists like Align, Envista, and Dentsply Sirona (XRAY) are poised to benefit. Align and Envista both gained 1.4% in the premarket, while Dentsply was little changed.
