Check out the companies making the biggest moves in premarket trading: Warner Bros. Discovery , Netflix , Paramount Skydance — Warner Bros. Discovery’s board unanimously recommended that shareholders reject Paramount Skydance’s takeover bid and stick with Netflix’s proposal — which they called “superior.” Netflix shares ticked higher by 1.4% in the premarket. Warner shed 1.8% along with Paramount. Amazon — CNBC confirmed OpenAI is in discussions with Amazon about a potential $10 billion investment and agreement to use its artificial intelligence chips. Shares moved 1.4% higher. Lennar — The homebuilder shed 5% after its first-quarter guidance disappointed investors. Lennar expects 17,000 to 18,000 for deliveries in the quarter and homebuilding gross margin of 15% to 16%, falling short of analysts’ estimates, according to Street Account. Fourth-quarter revenue, however, topped expectations. Frontier Group — The airliner gained 5.6% after Bloomberg News reported it is in discussions to merge with Spirit Aviation. General Mills — The food company known for Cheerios and other popular brands rose 2.5% after its latest earnings results. General Mills exceeded second quarter expectations with adjusted earnings of $1.10 per share on revenues of $4.86 billion. Analysts polled by LSEG had expected per-share earnings of $1.03 on revenues of $4.78 billion. Lithium stocks — Lithium prices soared in China after the government announced plans to revoke mining, sending miners stocks higher. Atlas Lithium jumped nearly 9%, while Albemarle and Sociedad Quimica y Minera de Chile each rose about 4%. Lithium Argentina gained 5% and Lithium Americas added nearly 2%. Recursion Pharmaceuticals — The clinical-stage TechBio company popped 5.5% following an upgrade at JPMorgan to overweight from neutral. The firm cited Recursion’s artificial-intelligence pipeline for the call. It also upped its price target to $11 per share, implying 162% upside from Tuesday’s close. Gap — The apparel retailer rose 2.7% following an upgrade. Baird raised its rating on Gap to outperform from neutral, and raised its price target to $33, saying a turnaround for the company that’s reinvigorating its brand remains in its early stages. The new price target is more than 21% above where the stock closed Tuesday. — CNBC’s Fred Imbert and Sarah Min contributed reporting.
Post Comment