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Home Market Insider

MSG Entertainment, BowX Acquisition, Root Inc. & more

by admin
March 27, 2021
in Market Insider
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Take a look at some of the biggest movers in the premarket:

BowX Acquisition (BOWX) – The special purpose acquisition company will take office-sharing company WeWork public in a deal worth $9 billion, including debt. Starwood Capital, Fidelity Management and others are involved in the deal as so-called “PIPE” investors. BowX rose 3.6% in the premarket.

Ford Motor (F) – The automaker will idle production of its popular F-150 pickup truck through the weekend at a Michigan plant, due to the global semiconductor shortage.

MSG Entertainment (MSGE) –The owner of Madison Square Garden and other venues is buying MSG Networks (MSGN) in a stock-swap deal valued at more than $900 million. MSG Networks fell 4.9% in the premarket.

JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC) – These and other bank stocks are on watch after the Federal Reserve announced plans to lift restrictions on bank dividends and stock buybacks. That will occur after the June stress tests, if the banks show they can maintain sufficient capital. JPMorgan gained 1.1% in premarket trading, with Bank of America up 1.5%, Wells Fargo up 1.3% and Citi up 1.3%.

Annaly Capital Management (NLY) – Annaly struck an agreement to sell its commercial real estate business to investment firm Slate Asset Management for $2.33 billion. The real estate financing company expects the deal to be completed by the end of the third quarter. Annaly gained 1% in the premarket.

Altria (MO) – The tobacco producer’s stock gained 1.3% in premarket trading after Jefferies upgraded it to “buy” from “hold.” The firm said Altria’s opportunities in so-called RRPs (reduced risk products) are underappreciated.

Microsoft (MSFT) – Microsoft is now in advanced talks to buy messaging platform Discord for $10 billion or more, according to The Wall Street Journal. Bloomberg had reported earlier this week that the two sides had spoken but that no deal was imminent and that Discord was leaning toward an initial public offering.

Root Inc. (ROOT) – Root rose 3.9% in premarket trading after a 4.9% increase on Thursday. The auto insurer is “misunderstood”, according to Citron Research founder Andrew Left, who calls it a “disruptive tech company.” Root has seen its stock price cut in half since its initial public offering in October.

Uber (UBER), Lyft (LYFT) – A Massachusetts judge has ruled that a challenge to the classification of drivers as independent contractors by Uber and Lyft can proceed. The ride-hailing companies had sought to have the case brought by the state’s attorney general dismissed. The judge did not rule on whether drivers should be classified as independent contractors, or employees entitled to benefits. Uber rose 1.1% in premarket trading.

Nio (NIO) – Nio will suspend electric vehicle production at its plant in Hefei, China, due to the worldwide shortage of semiconductors. The suspension will begin Monday and last for five days, prompting Nio to cut its first-quarter delivery forecast to 19,500 vehicles from the prior 20,000 to 20,500. Nio tumbled 5% in premarket action.

Progress Software (PRGS) – Progress Software reported quarterly earnings of 91 cents per share, 13 cents a share above estimates. Revenue beat forecasts as well. The enterprise application software company also raised its full-year outlook. Progress Software gained 2.6% in premarket trading.

Zoom Video (ZM) – Deutsche Bank began coverage of the video messaging platform company with a “hold” rating, based primarily on valuation after the stock soared in 2020. Deutsche Bank is bullish long-term based on Zoom’s growth drivers, scale, and what it calls “best in class” products.



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