Stocks making the biggest moves premarket: Spirit Airlines, Summit Therapeutics, Rivian and more
Check out the companies making headlines before the bell. Spirit Airlines , JetBlue – Spirit plunged more than 38% following a report from The Wall Street Journal that the discount airliner is considering filing for bankruptcy. Shares of peer airline firm JetBlue, which was previously in talks to merge with Spirit, advanced nearly 6%. Summit Therapeutics – Shares of the biopharmaceutical company rose more than 9% after the Food and Drug Administration granted Summit’s cancer drug, ivonescimab, a fast track designation. Zim Integrated Shipping Services – The international shipping company’s stock fell more than 9% after U.S. dockworkers and the United States Maritime Alliance agreed to a tentative deal to end the strike on the East Coast and Gulf Coast ports. The news weighed on other international shipping stocks as well. Danish shipping giant Maersk fell more than 8% before paring some losses, while German shipper Hapag-Lloyd fell more than 13%. Rivian – Shares tumbled 8% after the electric-vehicle maker cut its annual production guidance to between 47,000 and 49,000 vehicles, versus its prior guidance of 57,000 vehicles. Rivian said it is experiencing a production disruption due to a supply shortage. Vistra – The red hot utility stock rose 1.8% in premarket trading, putting it on pace to build on a recent rally. Vistra’s stock has gained in 18 of the past 19 trading sessions. CVS Health – The company’s shares added 1.5% as it is considering breaking itself up and undergoing a strategic review of its business. CVS, which is dealing with higher-than-expected medical costs in its insurance unit among other issues, is weighing splitting up its retail pharmacy and insurance units — a major reversal for the company’s long-held business strategy. Chubb – The insurance company slipped more than 1% after Bank of America downgraded shares to underperform from neutral. The firm believes although shares are up 29% year to date, the company’s growth is slower than that of its peers. SilverCrest Metals — Shares surged more than 13% after the precious metals producer announced that Coeur is acquiring the company at an implied stock value of around $1.7 billion. — CNBC’s Jesse Pound, Brian Evans, Hakyung Kim, Pia Singh and Michelle Fox Theobald contributed reporting. This post has been syndicated from a third-party source. View the original article here.
