Take a look at some of the biggest movers in the premarket:
Pinterest (PINS) – Pinterest shares tumbled 13.2% in premarket trading after PayPal (PYPL) said it was not pursuing an acquisition of the social media company at this time. Its statement came in response to reports that it was pursuing an acquisition of Pinterest for as much as $45 billion. PayPal shares jumped 6.1%.
Tesla (TSLA) – Tesla raised prices on certain versions of its Model X and Model S cars, according to the company’s website. Additionally, car rental giant Hertz has reportedly ordered 100,000 Tesla vehicles for its fleet. Tesla shares rallied 4.3% in the premarket.
Kimberly-Clark (KMB) – The consumer products company’s stock slid 3% in premarket trading after quarterly earnings came in 3 cents a share below estimates at $1.62 per share. Revenue was slightly above forecasts, but Kimberly-Clark’s results were hit by higher inflation and supply chain issues.
Restaurant Brands International (QSR) – The restaurant operator reported quarterly profit of $1.52 per share, 2 cents a share above estimates. Revenue was slightly below Wall Street forecasts, with Covid-19 contributing to supply chain and labor pressures for the parent of Tim Hortons, Burger King and Popeyes. The stock added 1.2% in the premarket.
Otis Worldwide (OTIS) – Otis came in 4 cents a share above estimates, with quarterly earnings of 77 cents per share. Revenue also topped analysts’ projections. The company best known for its flagship elevators also raised its full-year outlook.
Facebook (FB) – Facebook continues to be embroiled in controversy, with a Wall Street Journal story this morning detailing internal arguments over the handling of right-leaning content. The stock fell 5% Friday, breaking a four-session win streak. Its shares dropped another 1.5% in the premarket.
Knight-Swift Transportation (KNX) – The trucking and logistics company’s stock rose 1.5% in the premarket after UBS upgraded the stock to “buy” from “neutral.” The firm said Knight-Swift’s non-trucking business is expanding faster than it had anticipated.
HSBC (HSBC) – HSBC reported better-than-expected quarterly profit, with a 74% rise from a year earlier, and the bank also announced a $2 billion share buyback.
Southwest Gas (SWX) – Investor Carl Icahn is calling on Southwest Gas to first offer shares to existing shareholders, amid the energy producer’s plans to sell up to $1 billion in equity as part of financing to buy pipeline company Questar. Icahn – who holds a significant stake in the company – is against the deal, and is moving ahead with a tender offer to buy the shares he doesn’t already own for $75 per share.
Whirlpool (WHR) – Whirlpool was downgraded to “underperform” from “sector perform” at RBC Capital, which cites a number of factors including the appliance maker’s loss of market share in North America. The stock slid 1.4% in premarket trading.
Pfizer (PFE), BioNTech (BNTX) – The Covid-19 vaccine made by Pfizer and BioNTech showed 90.7% effectiveness in children aged 5-11. Health officials say a rollout of the vaccine for kids could come as soon as early November.
