Nike, Spirit Airlines and more

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

Nike (NKE) – Nike fell 2.4% in premarket trading despite better-than-expected quarterly earnings and sales. The sportswear and footwear maker is forecasting current-quarter sales below analysts’ estimates amid increased promotional activity and continued disruptions in its profitable chia market.

Spirit Airlines (SAVE) – Spirit rose 4% in premarket as the fight to buy the airline intensifies. JetBlue (JBLU) responded to Frontier Group’s (ULCC) recent enhanced offer by sweetening its own offer by paying a monthly upfront payment of 10 cents per share and a $50 million increase in the breakup fee between January 2023 and closing of the transaction. Dollars added to $400 million and a payment of $2.50 per share if the transaction is approved. Frontier rose 2.7% while JetBlue fell 0.3%.

Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC), Wells Fargo (WFC) – These banks increased their dividends after passing their annual stress tests, but JPMorgan Chase (JPM) and Citigroup (C) kept their payouts flat. Morgan Stanley is up 3.3% premarket, Goldman is up 1.7%, Bank of America is up 1.1% and Wells Fargo is up 0.7%.

Occidental Petroleum (OXY) – Occidental Petroleum gained 4% in premarket trading after Berkshire Hathaway (BRK.B) announced additional purchases of Occidental Petroleum stock, increasing its stake to 16.4%.

Robinhood Markets (HOOD) – Robinhood fell 3.7% premarket after FTX CEO Sam Bankman-Fried showered cold water on a Bloomberg report that FTX may be interested in buying the trading platforms company. Bankman-Fried told CNBC that while he’s impressed with Robinhood and excited about potential partnerships, there are no active M&A talks.

Jefferies Financial (JEF) – Jefferies slipped 4.4% premarket after quarterly profit fell short of analysts’ forecasts, even as the investment firm’s earnings beat estimates. Revenue fell 30% year over year amid what Jefferies calls a “challenging” capital markets environment.

Las Vegas Sands (LVS), Wynn Resorts (WYNN) – Stocks of casino operators rose in the pre-market as China eased quarantine rules for Covid-19 international arrivals. Las Vegas Sands was up 6.3%, while Wynn Resorts was up 6.5%.

Playtika (PLTK) – The Israel-based mobile games developer saw its shares rise 3.2% in premarket trading after Axios reported that Joffre Capital was buying a controlling stake.

Roivant Sciences (ROIV) – Shares of the biopharmaceutical company rose 7.9% in premarket trading after it unveiled a new biotech company called Priovant Therapeutics in partnership with Pfizer (PFE). Pfizer will hold a 25 percent stake in Priovant, which will focus on novel therapies for autoimmune diseases.

Snowflake (SNOW) – Snowflake is up 3.4% premarket after Jefferies upgraded the cloud computing company’s stock to a buy from a hold. Jefferies appreciates Snowflake’s growth potential, noting its “rock solid” fundamentals and “nearly flawless” execution. Snowflake was up more than 32% during a five-session winning streak before shedding 2.2% yesterday.