US Premarket: Yamana Gold, Unilever and other stocks making biggest moves
- Yamana Gold surged 14.9% after it agreed to be acquired by Gold Fields
- Unilever surged 6.4% after the company named activist investor Nelson Peltz to its board
- Credit Suisse fell 3.8% in premarket action
Yamana Gold (AUY)
Shares of the Canadian gold producer surged 14.9% in the premarket after it agreed to be acquired by Gold Fields (GFI) in an all-stock deal valued at $6.7 billion. Yamana Gold shareholders will receive 0.6 Gold Field shares for each share they now hold. Gold Fields plunged 11.8%.
Unilever surged 6.4% in the premarket after the consumer products company named activist investor Nelson Peltz to its board. Peltz’s Trian Fund Management holds a roughly 1.5% stake in Unilever.
Credit Suisse (CS)
Credit Suisse fell 3.8% in premarket action after the company denied a Reuters report that it is mulling various options to raise capital after a series of losses. According to a Reuters report, the bank was in the early stages of weighing options, such as a share sale or selling a business unit.
Nio shares climbed 5.1% in the premarket after Morgan Stanley added the China-based electric vehicle maker’s stock to its “tactical idea” list. According to Morgan Stanley, the shares are set to rise as Covid restrictions are relaxed in the Shanghai region, and as the company benefits from new subsidies for electric car buyers.
Shares of the drugmaker slipped 3.7% in premarket trading after the FDA put a trial related to its erectile dysfunction drug Cialis on hold. The trial was to evaluate the conversion of the prescription treatment to “over the counter” status, with Sanofi saying the halt was related to trial design.
American Eagle Outfitters (AEO)
Shares of the apparel retailer declined 5.7% in the premarket after a post-earnings tumble of 6.6% on Friday. Morgan Stanley downgraded the stock to “underweight” from “equal-weight”. It said reduced guidance from American Eagle management may still be too optimistic.
Zoom Video Communications (ZM)
Shares of the videoconferencing company added 1.6% in the premarket trading after the stock received a double upgrade at Daiwa Securities, which raised its rating to “outperform” from “underperform”. Daiwa said the recent tech pullback presents an upside opportunity, and that growth expectations for Zoom now seem more realistic.