Take a look at some of the biggest pre-market movers:
Continental Resources (CLR) – The oil and natural gas producer’s stock rose 7.4% pre-market after receiving a “private” offer of $70 per share from Chairman Harold Hamm and his family. The company’s board of directors will establish an independent committee to evaluate the proposal.
Oracle (ORCL) – Oracle jumped 12% in premarket trading after reporting better-than-expected earnings and revenue for its latest quarter. Oracle is seeing strong demand for its cloud software as more companies transition to a hybrid workplace.
National Vision (EYE) – The optical goods retailer’s stock jumped 14.3% pre-market after announcing its addition to the S&P SmallCap 600 Index. The change will be effective before markets open Thursday.
Twitter (TWTR) – Shares of Twitter rose 2.7% in premarket action after news broke that Elon Musk would attend a general employee meeting on Thursday. Musk agreed in April to buy Twitter for $44 billion, but has since threatened to walk away from the deal.
Best Buy (BBY) – Best Buy fell 1.3% in premarket trading after Bank of America Securities downgraded the electronics retailer’s stock from “neutral” to “buy.” BofA points to growing uncertainty about Best Buy’s 2023 earnings outlook.
Nokia (NOK) – Nokia has been upgraded to “buy” from “neutral” at Citi, which cites the maker’s improving fundamentals of networking hardware and software. Citi highlights Nokia’s particular strength in the mobile infrastructure market. The stock added 2.8% in premarket action.
Coinbase (COIN) – The cryptocurrency exchange operator’s stock slipped 4.8% pre-market after JP Morgan Securities downgraded it from “overweight” to “neutral.” JP Morgan said the extreme decline in crypto markets in 2022, along with increased investment from Coinbase, makes it difficult to predict profitability in the near future.
Coty (COTY) – Coty rose 1% in premarket trading after the cosmetics company reaffirmed its financial outlook for the current quarter and full year. Coty is due to present today at Deutsche Bank’s Global Consumer Conference.
Philip Morris (PM) – The tobacco company said it now expects its core business to perform better than expected, and continues to see growth in its IQOS e-cigarette business. The stock rose 1% pre-market ahead of the company’s presentation at today’s Deutsche Bank conference.