Twitter, Coca-Cola, Warner Bros. Discovery and more

Discover the companies making headlines in premarket trade.

Coca-Cola – Shares of Coca-Cola rose about 1% after the company beat analysts’ earnings and earnings expectations last quarter. The beverage giant reported adjusted earnings of 64 cents per share on revenue of $10.5 billion, while analysts had expected 58 cents per share on revenue of $9.83 billion.

Twitter – Twitter rose 5% after reports the social media giant is close to a deal with Elon Musk. It comes a day after the company’s board reportedly met on Sunday to discuss a takeover bid from Elon Musk, which has already secured $46.5 billion in funding.

Oil stocks – Shares of energy companies fell on Monday as oil prices fell on fears of a global slowdown amid shutdowns in Shanghai. Chevron, ConocoPhillips and Marathon Oil fell 2.2%, 2.6% and 2.8% respectively.

Kellogg – Shares of Kellogg fell 1.8% after Deutsche Bank downgraded the stock to a hold. The bank cited the impact of worker strikes, rising inflation and supply chain disruptions among the reasons for the downgrade.

Verizon – Verizon shares fell 1% after Goldman Sachs downgraded the stock to neutral. The bank said Verizon is well positioned for 5G growth but offers a lower potential return than peers like AT&T.

Penn National Gaming – The gaming stock rose 2.8% after Morgan Stanley named it a buy despite its recent underperformance. The bank also sees opportunities in its Barstool Sports and theScore businesses.

Warner Bros. Discovery – The action of Warner Bros. Discovery fell 2.5% as investors continued to digest news that the company would shut down its CNN+ service weeks after launch.

Deere — The equipment manufacturer’s stock fell 3.4% after Bank of America downgraded the stock to neutral. The bank said it remained cautious on the agricultural economy and farm equipment space amid ongoing supply chain issues and other macro trends.

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