Check out some of the biggest drivers in the front market:
Dish Networks (DISH) – The satellite TV provider rose 3.2% in trading to the market after reporting quarterly earnings of $ 1.24 per share, well above the consensus estimate of 75 cents per share . The revenue was also estimated above. Dish lost a net 133,000 pay-TV subscribers during the quarter, up from a drop of 194,000 a year earlier.
Boeing (BA) – Boeing shares fell 3.2% in the futures market after an engine on a United Airlines (UAL) Boeing 777 jet failed. U.S. regulators ordered inspections of aircraft with the same Pratt & Whitney engine that failed on the United flight, and Boeing recommended that airlines suspend use of the aircraft until the inspections can be completed.
Cooper Tire (CTB) – Cooper Tire shares rose 13.1% following the news that it had agreed to acquire $ 2.8 billion in cash and stock through rival Goodyear Tire (GT). The deal is worth $ 54.36 a share to Cooper Tire shareholders, 24% above Cooper’s Friday closing price. Goodyear shares fell 5%.
Starboard Value Acquisition (SVAC) – The special purpose procurement company has announced an agreement to merge with data center company Cyxtera Technologies, in a transaction worth $ 3.4 billion, including the assumed debt. The current owners will add their shares in the combined company, and Starboard Value Acquisition shares rose 12.1% in pre-trading.
Principal Financial (PFG) – Activist investor Elliott Management has taken a stake in Principal Financial, according to a Bloomberg report, and plans to pursue changes to the life insurer. The hedge fund is reportedly close to an agreement to acquire board seats and will begin a strategic review. Major financial stocks rose 6.2% in trading on the market.
People’s United Financial (PBCT) – The bank has agreed to be bought by M&T Bank (MTB) in a total transaction worth $ 7.6 billion. The combined bank will have about $ 200 billion in assets. People’s United shares rose 6.2% ahead of the market.
Discovery Communications (DISCA) – The cable channel business earned 76 cents a share for the fourth quarter, 4 cents a share above estimates. Revenue was also better than Wall Street’s forecasts, and Discovery said the Discovery + service had 12 million subscribers by the end of the month.
Tesla (TSLA) – According to a research note from Dan Ives, a Wedbush analyst, Tesla earned about $ 1 billion in paper profits on its bitcoin investments. He said Tesla is on track to earn more from bitcoin than to do the sale of electric vehicles in 2020. Tesla fell 2.3% in market trading.
Zillow (Z) – Zillow has built in a “virtual tour” feature for listed properties, connecting photos and videos to floorboards. The real estate website operator is now available in 25 US regions and is an alternative to pre-recorded video tours. Zillow shares lost 1.9% in pre-market action.
Kohl (CSS) – A group of private equity firms now have a 9.5% stake in the retailer and The Wall Street Journal reports that the group is trying to take control of the board. The group is the same group that teamed up to push for change at retailer Bed Bath & Beyond (BBBY). Kohl’s rose 7.4% to market.
GameStop (GME) – GameStop shares jumped 10.9% in market trading following news that Keith Gill – who became known on Reddit’s WallStreetBets forum – doubled his stake in the video game retailer to 100,000 shares.
Tapestry (TPR) – The luxury goods retailer rose 1.2% in market action after Credit Suisse upgraded the stock to ‘better’ than ‘neutral’. Credit Suisse said the handbag category should hit back strongly as closures diminished, and also said that Tapestry’s investments in new growth channels have paid off in recent years.