Stocks making the biggest moves premarket: Oak Street Health, Frontline, Boeing and more
Check out the companies making headlines in premarket trading.
Oak Street Health – Shares of Oak Street Health surged 36% after a Bloomberg report that CVS is exploring options to buy the health care company for more than $10 billion. CVS stock ticked down about 0.5% on the news.
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Frontline –The shipping stock surged more than 24% in premarket trading after Frontline announced that it was terminating its combination with Euronav. Frontline CEO Lars Barstad said that both companies "are already enjoying economies of scale."
CureVac – CureVac shares jumped 19% after the company said it plans further patient trials of its mRNA vaccines for Covid-19 and the flu. The company also announced that Sanofi veteran Alexander Zehnder will become CEO in April.
Boeing — The aerospace giant fell more than 2% after Morgan Stanley downgraded Boeing to equal weight from overweight, citing a lack of potential upside from current levels. "We see a balanced risk reward as the majority of the near- and medium-term positive catalysts for the stock have been realized," Morgan Stanley said in a note.
Norwegian Cruise Line – Shares dropped 3.3% after a downgrade to underweight from equal weight by Morgan Stanley, which cited concerns over how overcapacity could hurt pricing power. Meanwhile, the firm upgraded competitor Royal Carribean, which added 0.3% in the premarket, to equal weight from underweight.
Coinbase – Coinbase shares last traded flat after rising slightly premarket on news that it plans to cut 20% of its workforce. The move marks the second major round of cuts as the company looks to trim costs after hitting expansion mode during the bull market.
Sotera Health – Shares soared more than 58% in the premarket after the company announced its subsidiaries came to agreements to settle more than 870 cases relating to the exposure of ethylene oxide, a carcinogen, from its Willowbrook facilities. Sotera agreed to pay $408 million and said the settlement is not an admission that the emissions posed a safety hazard.
Bumble — Bumble popped more than 2% after KeyBanc upgraded the dating app stock to overweight from sector weight, noting: "The competitive environment appears stable, and economic pressures are easing."
— CNBC's Samantha Subin, Alexander Harring, Jesse Pound and Michelle Fox contributed reporting