Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Eli Lilly, Coty, Amazon, Zynga, Delta & more
Eli Lilly (LLY) – The drugmaker began testing a Covid-19 experimental treatment derived from the blood of a survivor of the disease. It is the first study involving this type of drug, and comes about a month earlier than expected and ahead of rival Regeneron (REGN), which expects to begin a similar study this month.
Coty (COTY) – Coty named chairman Peter Harf as CEO, with Harf becoming the cosmetics maker’s fourth CEO in less than four years. The announcement comes as Coty and KKR (KKR) sign a definitive agreement to spin Coty’s haircare brands into a separate company that will be 60% owned by KKR and 40% by Coty, finalizing a deal first announced last month.
Amazon.com (AMZN) – Morgan Stanley raised its price target for Amazon to $2,800 from $2,600, saying it expects faster forward growth for Amazon even if overall consumer spending weakens. The firm has raised earnings estimates for Amazon while maintaining an “overweight” rating.
Zynga (ZNGA) – Zynga announced the acquisition of Turkey-based mobile game producer Peak for $1.8 billion in cash and stock. Peak is the maker of the popular Toy Blast and Toon Blast mobile games. Separately, Zynga raised guidance for the current quarter and full year, not including any possible contribution from the Peak deal.
Embraer (ERJ) – The Brazilian jet maker reported a quarterly loss of 57 cents per share, wider than the 33 cents a share loss anticipated by analysts. Revenue also came in below forecasts, and Embraer also said its financial and deliveries guidance for 2020 remains suspended due to Covid-19 related uncertainty.
Edwards Lifesciences (EW) – The medical technology company begins post-split trading today, following a 3-for-1 stock split declared earlier this month that saw new shares distributed Friday.
Caesar’s Entertainment (CZR) – Caesar’s plans to reopen its Harrah’s Las Vegas casino this coming Friday, with initial customer demand on the Las Vegas strip following casino reopenings much stronger than expected.
Las Vegas Sands (LVS), Wynn Resorts (WYNN) – These casino stocks could see some stock impact today following news that gambling revenue in Macau fell 93.2% in May compared to a year earlier, amid coronavirus-related restrictions.
Delta Air Lines (DAL) – Delta said it is working with its pilots union to avoid furloughs of about 2,300 pilots, as it tries to match pilot staffing with reduced demand for the summer.
KKR (KKR) – KKR is partnering with fellow private-equity firms Cinven and Providence in a friendly $3.3 billion takeover bid for Spanish telecom company MasMovil.
Alphabet (GOOGL) – Alphabet’s Google unit has postponed the unveiling of its new Android 11 mobile operating system. It had been scheduled for Wednesday, but amid the coronavirus outbreak and protests across the nation, Google said “now is not the time to celebrate.”
Energy Transfer (ET) – Energy Transfer will begin cutting about 6% of its workforce this week, according to a recorded message to employees of the pipeline operator heard by Reuters. The move comes amid sinking oil and gas prices and a drop in business for companies like Energy Transfer.
Zoom Video Communications (ZM) – Zoom will begin rolling out stronger encryption to prevent so-called “Zoombombing” by uninvited guests to conferences. Reuters reports, however, that the move will only apply to paying Zoom accounts and not to the company’s popular free accounts.
United Airlines (UAL) – United will cut 13 of its officer positions as part of a restructuring. It also said it will add some international flights back to its network in July.
Keurig Dr Pepper (KDP) – The beverage maker’s stock was upgraded to “outperform” from “in line” at Evercore, which notes the strength of the company’s results during the pandemic, a strong management team, commodity tailwinds, and the idea that increased working from home could drive demand for its Keurig beverage system.