Last Updated on November 21, 2022 by Bitfinsider
Walt Disney (DIS) – Walt Disney gained 8.8% in premarket trade following the weekend announcement that former Chairman and CEO Bob Iger will replace Bob Chapek as CEO. The executive suite shift followed a decline in Disney’s stock price and below-par earnings.
Carvana (CVNA) – The premarket price of Carvana slumped 3.9% after The Wall Street Journal cited experts as stating that the online used car retailer could run out of funds within a year. Carvana said on Friday that it would lay off approximately 1,500 employees.
Coinbase (COIN) – The cryptocurrency exchange’s shares fell 6.8% in premarket trade, following the bankruptcy of rival FTX. Coinbase is not another FTX, according to a Bank of America analyst, but it faces headwinds due to widespread distrust in the bitcoin market.
J.M. Smucker (SJM) – The food producer’s stock soared 3.3% in premarket trading after smashing Wall Street’s projections for its latest quarter’s top and bottom lines. Additionally, the firm behind Smucker’s, Folgers, Jif, and Milk-Bone increased its full-year outlook.
China equities – Three Covid-related deaths were reported in Beijing over the weekend for the first time since May, putting pressure on the shares of China-based corporations. The total number of Covid cases in China is also increasing. Alibaba (BABA) was down 3.4% in premarket trade, while JD.com (JD) was down 5.3%, Baidu (BIDU) was down 2.7%, and Pinduoduo (PDD) was down 2.7%.
Imago BioSciences (IMGO) — The cancer medicine researcher has agreed to be acquired by Merck (MRK) for $1.35 billion in cash, or $36 per share. Imago gained 105% in premarket trading.
The Williams-Sonoma Company (WSM) – The stock of the housewares retailer dropped 1.9% in premarket trade after Barclays downgraded it from “overweight” to “equal weight,” citing the negative impact of a declining home market.
Morgan Stanley lowered the stock of database platform developer MongoDB (MDB) to “equal-weight” from “overweight.” The company stated that it is optimistic about MongoDB’s long-term potential, but believes that the company would be hurt in the short run by a conservative corporate spending climate. MongoDB slumped 4.3% in premarket trading.
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