US Premarket: VMWare, GameStop, HP and other stocks making biggest moves
- Shares of VMWare rallied 21.3% in premarket action
- Emergent BioSolutions surged 11.1% in the premarket
- GameStop stock jumped 3.5% in the premarket
Shares of the cloud computing company’s stock rallied 21.3% in premarket action after multiple reports that it is in advance talks to be bought by chipmaker Broadcom (AVGO). The two companies are reportedly discussing a cash-and-stock deal which could happen soon, according to a report by CNBC. Broadcom fell 4.3%.
Emergent BioSolutions (EBS)
The biopharma company’s stock jumped 11.1% in the premarket following the increasing concerns about the spread of monkeypox. Emergent supplies smallpox vaccine, which can be used as protection against monkeypox.
GameStop stock jumped 3.5% in the premarket after the video game retailer launched a digital wallet for cryptocurrencies and NFTs.
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Shares of the design software company fell 3.9% in premarket action after RBC slashed its price target on the stock to $255 per share from $295 per share. RBC said Street earnings estimates may be too high and that Autodesk needs to establish consistency in its results to gain investor confidence.
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Electronic Arts (EA)
Shares of the video game maker rose 2.5% in the premarket after Puck News reported that the company was actively seeking a buyer or merger partner. Reportedly, EA has held talks with Walt Disney (DIS), Apple (AAPL) and Amazon (AMZN).
HP Inc. (HPQ)
HP slid 2.7% in premarket trading after the stock was downgraded to “neutral” from “buy” at Citi, based on moderating demand for PCs in the near to mid-term.
Motorola Solutions (MSI)
Motorola Solutions gained 2.5% in the premarket after Morgan Stanley upgraded the stock to “overweight” from “equal-weight,” with several favourable trends in place including an increase in demand for video surveillance.
The stock edged higher by 0.25 after Pfizer and partner BioNTech (BNTX) said three doses of their Covid-19 vaccine offered strong protection for children under 5, according to primary data. BioNTech gained 1.8% in premarket action.
Boeing surged 1% in premarket action after its Starliner spacecraft successfully docked with the International Space Station over the weekend.