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

Twitter (TWTR)

Twitter shares surged 26.1% in premarket trading after a
Securities and Exchange Commission filing showed that Tesla CEO Elon Musk holds
a 9.2% passive stake in Twitter.

Tesla (TSLA)

Tesla gained 1% in premarket action. Tesla delivered more
than 310,000 vehicles during the first quarter, a record for the electric
vehicle maker but less than Wall Street estimates.

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Logitech (LOGI)

Logitech shares jumped 4.3% in the premarket as the stock
was upgraded to “buy” from “neutral” at Goldman Sachs, citing recent strong
financial performance for the maker of computer mice, keyboards and other
computer peripheral devices.

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Starbucks (SBUX)

Starbucks shares dropped 2.3% in premarket trading after
the company suspended its share buyback program by saying that it will allow it
to invest in future growth for the coffee chain. The decision comes as Howard
Schultz comes for a third term as CEO, replacing the retiring Kevin Johnson

Hertz (HTZ)

Hertz gained 2.3% in premarket after the car rental
company announced a new partnership with electric vehicle (EV) maker Polestar
to buy up to 65,000 EVs over the next five years.

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JD.com (JD), Netease (NTES), Alibaba (BABA) and Tencent
Music (TME)

US-listed China stocks are surging in premarket trading
following China’s proposal to revise audit rules. The move could facilitate
Chinese-U.S. cooperation, preventing those companies from being delisted in the
United States. JD.com advanced 5.1%, Netease surged 3.9%, Alibaba gained 4.3%,
and Tencent Music gained 5.2%.

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Crox (CROX)

The casual shoe maker’s stock slipped 1.9% in premarket
trading after Loop Capital downgraded it to “hold” from “buy” and cut the price
target to $80 from $150. Loop said investor sentiment on the stock has shifted,
putting it in the “COVID winner” category.

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Novartis (NVS)

Novartis surged 1% in premarket trading as it announced a
reorganization of its business units in a move to save at least $1 billion
annually by 2024. The Swiss drugmaker’s pharmaceuticals and oncology businesses
will be integrated into the new structure.