Stocks making the biggest moves in the premarket: Beyond Meat, Nokia, Li Auto & more

Market Insider

Take a look at some of the biggest movers in the premarket:

Beyond Meat (BYND) – Beyond Meat announced the opening of a new manufacturing facility in China, its first outside the United States. The plant-based food company said the new factory would significantly increase its ability to deliver products in the region. Beyond Meat rose 2.8% in premarket action.

Nokia (NOK) – Nokia settled a long-standing patent dispute with computer maker Lenovo, striking a new cross-licensing agreement. The case involved Lenovo’s use of multiple video compression technologies. Terms of the agreement weren’t disclosed, but the Finland-based telecom equipment maker said it will receive a payment from Lenovo. Nokia rose 1.3% in premarket trading.

Li Auto (LI) – Li Auto announced a new $750 million debt offering, which the China-based electric vehicle maker said would be used to fund research and development. The stock fell 3.7% in premarket action.

Niu Technologies (NIU) – Niu unveiled its first electric kick-scooter, with the China-based company planning to make the two-wheeled transportation device available in North America, China and Europe this summer.

SunRun (RUN) – The solar equipment company’s stock added 2.3% in the premarket after RBC initiated coverage with an “outperform” rating, noting SunRun’s position as the leading player in the rapidly growing rooftop solar market.

Pfizer (PFE) – Pfizer’s rheumatoid arthritis drug Xeljanz is under scrutiny by Canadian health officials, after a study showed an increased risk of heart-related issues and cancer among patients. Global sales of Xeljanz in 2020 totaled $2.44 billion.

Genworth Financial (GNW) – Genworth terminated its deal to be acquired by China-based China Oceanwide Holdings, a $2.7 billion transaction first announced in 2016. The insurance company said its board had determined that the deal could not be completed in a reasonable time frame, following delays from regulatory hurdles and the pandemic. Genworth fell 1.7% in premarket trading.

Qiagen (QGEN) – The genetic testing company unveiled new technology that shortens turnaround time for researchers identifying new variants of the virus that causes Covid-19. The stock gained 1.5% in the premarket.

CyberArk Software (CYBR) – The cybersecurity software company gained 1.1% in the premarket after Baird upgraded the stock to “outperform” from “neutral,” based on what it sees as robust demand for so-called PAM (privileged access management) technology.

ViacomCBS (VIAC) – The media company’s stock was upgraded to “outperform” from “peer perform” at Wolfe Research, which said the stock is now at an attractive valuation point following the recent volatility which saw it nearly double and then give back those gains. ViacomCBS rose 1.9% in the premarket.

Royal Dutch Shell (RDS.A) – Royal Dutch Shell expects to take a $200 million hit to first-quarter earnings from the extreme winter weather in Texas earlier this year. The energy producer is scheduled to report its first-quarter results on April 29.

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