US Premarket: Nike, Spirit, Roivant and other stocks making biggest moves

Nike (NKE)

Nike shares fell 2.4% in the premarket despite reporting higher-than-expected quarterly profit and revenue. The athletic apparel and footwear maker forecasts current-quarter revenue below analysts’ estimates amid increased promotional activity and ongoing disruptions in its profitable Chia market.

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Spirit Airlines (SAVE)

Spirit jumped 4% in premarket trading as the race to buy the airline intensifies. Jet Blue (JBLU) responded to Frontier Group’s (ULCC) latest improved offer by sweetening its own bid, adding a monthly pre-payment of 10 cents per share between January 2023 and the deal’s adding a monthly pre-payment of 10 cents per share between January 2023 and the deal’s close and a $50 million breakup fee rose to $400 million and a $2.50 per share payment when the deal is approved. Frontier added 2.7%, while JetBlue edged slipped by 0.3%.

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Roivant Sciences (ROIV)

The biopharmaceutical company’s shares jumped 7.9% in the premarket after it launched a new biotech company called Priovant Therapeutics in partnership with Pfizer (PFE). Pfizer will hold a 25% stake in Priovant, which will focus on novel therapies for autoimmune diseases.

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Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC), and Wells Fargo (WFC)

These banks increased their dividends after passing their annual stress tests, but JPMorgan Chase (JPM) and Citigroup (C) kept their payouts unchanged. Morgan Stanley surged 3.3% in premarket action, Goldman added 1.7%, Bank of America jumped 1.1% and Wells Fargo surged 0.7%.

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Occidental Petroleum (OXY)

The stock surged 4% in premarket trading after Berkshire Hathaway (BRK.B) revealed additional purchases of Occidental Petroleum shares, increasing its stake to 16.4%.

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Jefferies Financial (JEF)

Jefferies fell 4.4% in premarket action after reporting a lower-than-expected quarterly profit. However, the investment firm’s revenue did exceed estimates. Revenue fell 30% from the year-ago period amid what Jefferies calls a “challenging” capital markets environment.

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Robinhood Markets (HOOD)

Robinhood slipped 3.7% in premarket trading after FTX CEO Sam Bankman-Fried declined Bloomberg report that FTX might be interested in buying the trading platform company. Bankman-Fried told CNBC that although he is impressed by Robinhood and has been excited about potential partnerships, there are no active M&A talks taking place.

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Playtika (PLTK)

Shares of the Israel-based mobile game developer surge 3.2% in premarket trading following an Axios report that Joffre Capital was buying a majority stake.

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Snowflake (SNOW)

Snowflake jumped 3.4% in premarket trading after Jefferies upgraded the cloud computing company’s stock to “buy” from “hold”. Jefferies outlined Snowflake’s growth potential and noted its “rock solid” fundamentals and “near flawless” execution. Snowflake had added more than 32% during a five-session win streak before retreating 2.2% yesterday.