Take a look at some of the biggest movers in the premarket:
Twitter (TWTR) – Twitter slid in premarket trading after Elon Musk announced late Friday that he was abandoning his $44 billion acquisition deal. Twitter responded by announcing it was planning legal action to keep Musk in the agreed transaction.
Wynn Resorts (WYNN), Las Vegas Sands (LVS) – Wynn Resorts fell 6% and Las Vegas Sands down 5.4% in the premarket as the gaming enclave of Macau begins a week-long shutdown to try to contain the spread of Covid-19
Lululemon (LULU), Under Armor (UAA) – Lululemon fell 3.9% in the premarket, while Under Armor fell 3% after Jefferies downgraded both apparel makers. Lululemon was trimmed to underperform from hold, with Jefferies noting increased competition and a slowdown in COVID-related demand surge. Under Armor was downgraded to hold from buy amid concerns about management volatility and lagging fundamentals.
Uber Technologies (UBER) – According to a report by the International Consortium of Investigative Journalists, Uber has campaigned extensively to relax labor and tax laws, using so-called “stealth technology” to block government scrutiny and gain public trust to win. Uber issued a statement saying it had made mistakes in the past and is a different company today. Uber lost 2.6% in premarket promotions.
Chinese tech stocks – These stocks fell after the Chinese government fined Alibaba (BABA), Tencent and other Chinese tech companies for failing to comply with antimonopoly rules and failing to disclose transactions. Alibaba lost 3.9% in the premarket, JD.com (JD) lost 3.4%, Pinduoduo (PDD) lost 4.4% and Baidu (BIDU) lost 3%.
Mattel (MAT) – Goldman Sachs has upgraded Mattel from neutral to buy, which it expects the toymaker to benefit from demand surrounding new TV and film releases. Mattel is up 2.9% in premarket trading.
Nio (NIO) – The China-based electric carmaker said its board formed an independent committee to investigate allegations by short seller Grizzly Research. Grizzly had accused Nio of exaggerating its earnings and profit margins, allegations Nio said were unfounded. Nio lost 3.2% in premarket trading.
Qorvo (QRVO) – The radio frequency technology provider was downgraded to “Market Perform” by Cowen from “Outperform” on the company’s expectation that weakness in the Android market will weigh on sales and profit margins. Qorvo lost 2.9% premarket.