Look at the businesses grabbing attention in premarket trading.
Universal Insurance Holdings, Zynex, and Coherus BioSciences — The S&P 500 Dow Jones indices’ announcement that the stocks would be relocated into smallcap indexes caused the prices of Coherus, Zynex, and Universal Insurance to drop. While Universal Insurance completely abandons the midcap 600, Coherus switches to the midcap 400. On hearing that Zynex was departing the Small Cap 600 index, the stock fell by about 6%.
Amercian Express Following an upgrade from sector perform to outperform from RBC earlier on Tuesday, the stock of the world’s largest credit card company increased by 0.5%.
On Airbnb — Following the S&P Dow Jones Indices’ Friday announcement that Airbnb would be joining the S&P 500 later this month, the company’s shares increased by more than 4%. Large index funds frequently follow the S&P 500, which may put pressure on the price of Airbnb stock in the coming weeks.
Oracle – Following a change from equal weight to overweight by Barclays, the software stock increased 1.5% in premarket trade. The corporation said that the company’s cloud business should benefit from artificial intelligence.
Incorporated by Brady Following the release of the company’s quarterly earnings, shares increased almost 11%. Brady reported an adjusted $1.04 profit per share, versus the 93 cents expected by FactSet’s poll of analysts.
Source (CNBC)
