Electronic Arts, VMWare, GameStop and more
Take a look at some of the biggest movers in the premarket:
Electronic Arts (EA) – The video game maker’s shares rose 2.5% in the premarket after Puck News reported that the company was actively seeking a buyer or merger partner. EA has reportedly held talks with Walt Disney (DIS), Apple (AAPL) and Amazon (AMZN), among others.
VMWare (VMW) – The cloud computing company’s stock surged 21.3% in premarket trading following multiple reports that it is in advanced talks to be bought by chipmaker Broadcom (AVGO). The two companies are said to be discussing a cash-and-stock deal which could happen soon, according to people familiar with the matter. Broadcom slid 4.3%.
GameStop (GME) – GameStop jumped 3.5% in premarket trading after the video game retailer launched a digital wallet for cryptocurrencies and NFTs.
HP Inc. (HPQ) – The computer and printer maker was downgraded to “neutral” from “buy” at Citi, based on moderating demand for PCs in the near to mid-term. HP fell 2.7% in premarket action.
Pfizer (PFE) – Pfizer and partner BioNTech (BNTX) said three doses of their Covid-19 vaccine offered strong protection for children under 5, according to preliminary data. BioNTech rose 1.8% in premarket trading, while Pfizer edged higher by 0.2%.
Motorola Solutions (MSI) – Morgan Stanley upgraded the communications equipment and software company’s stock to “overweight” from “equal-weight,” with a number of favorable trends in place including an increase in demand for video surveillance. Motorola Solutions gained 2.5% in the premarket.
Emergent BioSolutions (EBS) – The biopharma company’s stock rallied 11.1% in premarket trading, amid the increasing concerns about the spread of monkeypox. Emergent is a supplier of smallpox vaccine, which can be used as protection against monkeypox.
Autodesk (ADSK) – The design software company’s stock fell 3.9% in premarket action after RBC cut its price target on the stock to $255 per share from $295 a share. RBC said Street earnings consensus may be too high and that Autodesk needs to establish consistency in its results to increase investor confidence.
Boeing (BA) – Boeing rose 1% in premarket trading after its Starliner spacecraft successfully docked with the International Space Station over the weekend.
Corning (GLW) – The materials science company’s stock slid 2.6% in the premarket after Citi downgraded it to “neutral” from “buy,” citing lower PC and tablet demand impacting Corning’s optical components business. Citi also notes uncertainty about demand recovery for premium and large-size televisions.