US Premarket: Ambac, AMD, CVS Health and other stocks making biggest moves

Ambac (AMBC)

Ambac surged 21.1% as the municipal bond insurer will receive $1.84 billion to settle lawsuits against Bank of England (BAC). The suits started from bond insurance policies that Ambac had provided to Bank of America’s Countrywide Credit unit before the 2008 financial crisis.

Also Read | Oil prices fall ahead of US employment update

Advanced Micro Devices (AMD)

AMD fell 5.3% in the premarket after cutting its sales forecast. The chipmaker said a larger-than-expected slump in the personal computer market is impacting its business.

Credit Suisse (CS)

Credit Suisse gained 5.6% in premarket action after the bank said it would buy back up to $3 billion in debt as it aims to reassure investors of its financial health.

Also Read | Apple in talks to make AirPods, Beats in India: All you need to know

Levi Strauss (LEVI)

Shares of the apparel maker shed 5.3% in premarket trading after cutting its full-year sales and profit outlook. Levi Strauss is seeing an impact from higher costs, supply chain issues, and a stronger US dollar.

CVS Health (CVS)

CVC Health lost 5% in premarket action, following a downgrade of one of its Aetna Medicare Advantage plans in annual ratings issued by the Centers for Medicare and Medicaid Services.

Also Read | Dollar rises ahead of US Jobs data

DraftKings (DKNG)

DraftKings surged 5.6% in the premarket following a Bloomberg report that the sports betting firm is close to striking a major new partnership with Walt Disney’s (DIS) ESPN unit.

Lyft (LYFT)

Lyft slid 2.6% in premarket trading after RBC downgraded the stock to “sector perform” from “outperform.” RBC said its driver supply analysis points to a less bullish outlook for Lyft and that competitor Uber (UBER) enjoys “structural advantages” over Lyft.

Also Read | Joe Biden to designate Camp Hale in Colorado as his 1st national monument

Tilray (TLRY)

Shares of the cannabis producer rallied 5.4% in premarket trading despite reporting a larger-than-expected loss and slightly lower-than-expected revenue for its latest quarter. Tilray maintained its full-year forecast and said it had achieved nearly all of its cost-saving goals. Tilray, Aurora Cannabis (ACB), Canopy Growth Corp (CGC), and Cronos Group (CRON) were among cannabis stocks that surged on Thursday after President Joe Biden announced pardons for those convicted of federal marijuana possession charges.