US Premarket: Twitter, Nektar and other stocks making biggest moves

Twitter (TWTR)

Shares of Twitter jumped 4.5% in the premarket after the
company’s board of directors adopted a so-called poison pill to prevent Tesla
CEO Elon Musk from increasing his stake in the company by more than 15%. This
comes after last week Musk offered to buy a 100% stake in Twitter for around
$43 billion or $54.20 per share.

Sirius XM (SIRI)

Shares of the satellite operator’s stock slipped 2% in
premarket action after Morgan Stanley downgraded it to “underweight” from
“equal-weight.” According to brokerage, auto market headwinds would negatively
impact Sirius XM. It also cited the stock’s outperformance over the past year.

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Nektar Therapeutics (NKTR)

The drugmaker’s stock tumbled 24.4% in the premarket
trading after it suspended all trials involving its key cancer drug. The
experimental treatment did not provide the desired results in several studies.

Didi Global (DIDI)

Didi shares lost nearly 18% in the premarket after the
China-based ride-hailing company reported a 12.7% fall in fourth-quarter
revenue compared to the previous year. Didi will hold a shareholder’s meeting
on May 23, to vote on delisting from the New York Stock Exchange.

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Wendy’s (WEN)

Wendy’s slipped 1.8% in the premarket action after BMO
Capital downgraded the restaurant operator’s stock to “market perform” from
“outperform.” BMO said Wendy’s is less well-positioned for a tighter consumer
spending environment than some of its industry peers.

Bank of America (BAC)

Bank of America shares surged 1.1% in the premarket after
it reported a quarterly profit of 80 cents per share, which is 5 cents more
than estimates. Revenue also passed the market forecast on strength in consumer
lending.

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Synchrony Financial (SYF)

The financial
services company added 1% in the premarket trading. Synchrony reported a
quarterly profit of $1.77 per share, passing the consensus estimate of $1.54 a
share, revenue also beats the estimates. The board approved the addition of
$2.8 billion to the company’s stock buyback plan including a 5% dividend
increase to 23 cents per share.