Sonos, MicroStrategy, Seagate expertise and extra
Take a look at some of the biggest movers in the premarket:
Sonos (SONO) – Sonos stock rose 10.6% in the premarket after an International Trade Commission judge ruled that Alphabet’s Google unit (GELO) infringed some of the high-end speakerphone company’s audio technology patents had. The ruling could eventually lead to an import ban on some Pixel smartphones and Nest audio speakers.
BHP (BHP) – The world’s largest mining company said it is in talks to sell its petroleum business to Australian oil and natural gas producer Woodside Petroleum, with BHP also considering other options for the unit. The share lost 1.8% before the market.
T-Mobile US (TMUS) – The wireless operator said it is investigating allegations of a data breach affecting the personal information of over 100 million users in an online forum. The post itself does not mention T-Mobile, but Vice Media quotes the alleged hacker as saying the data came from T-Mobile servers.
Chipotle Mexican Grill (CMG) – Raymond James downgraded the restaurant chain’s stock rating from “strong buy” to “outperformance”. The company said the rating downgrade was based solely on valuation after the stock rose 37% over the past six weeks.
Hyatt Hotels (H) – Hyatt is acquiring resort operator Apple Leisure Group from private equity firms KKR (KKR) and KSL Capital Partners for $ 2.7 billion. Apple Leisure operates the Secrets, Dreams and Breathless Resorts & Spa chains.
Coinbase (COIN) – The shares of the cryptocurrency exchange operator rose 1.6% in the premarket as the recent crypto rally continued. The rally also helps stocks in business analytics firm MicroStrategy (MSTR), which has billions in Bitcoin holdings on its balance sheets. MicroStrategy gained 2.2% in pre-trading.
The Honest Company (HNST) – The personal care product maker was upgraded from Neutral to Buy by Guggenheim Securities, quoting the valuation after the stock fell more than 28% on Friday. This was followed by a quarterly report for the company, which showed an unexpectedly high loss.
Tencent Music Entertainment (TME) – The music streaming service plans to end its proposed $ 5 billion initial public offering amid ongoing regulatory crackdowns by the Chinese government, according to Japanese news service Nikkei. Tencent shares lost 1.3% before being placed on the market.
Seagate Technology (STX) – The hard drive manufacturer’s shares rose 1.3% in pre-trading hours after UBS upgraded the stock from neutral to buy, citing positive cyclical and structural dynamics in the industry.
Oatly (OTLY) – The oat milk producer reported a quarterly loss of 11 cents per share, one cent per share more than expected. Sales were slightly below Wall Street forecasts. Oatly said it was able to overcome both Covid and manufacturing-related headwinds in the quarter and is successfully implementing the planned expansion of manufacturing capacities. Oatly shares rose 1% pre-IPO.