Here are the companies making headlines before the bell today:
1. Super Micro Computer, Deckers Outdoor: Shares of Super Micro Computer and Deckers Outdoor surged 12% and 5% respectively after S&P Dow Jones Indices announced that the two companies would be added to the S&P 500 later this month. They will replace Whirlpool and Zion Bancorp, which will move to the S&P MidCap 400 index effective March 18.
2. Macy’s: Macy’s stock soared by nearly 17% following Arkhouse Management’s increased buyout offer for the department store chain to $24 per share from $21, totaling around $6.6 billion.
3. Apple: Apple shares slipped by approximately 1% after the European Commission fined the tech giant $1.95 billion for antitrust violations related to favoring its own products over competitors’ alternatives in music streaming app distribution.
4. Crypto stocks: Companies linked to the performance of Bitcoin saw premarket gains after the cryptocurrency hit a new two-year high. Coinbase and Microstrategy’s shares rose by 6% and 8%, respectively, while Marathon Digital, Iris Energy, Riot Platforms, and CleanSpark also experienced positive movement.
5. DoorDash: Shares of the food delivery platform rose by 2.8% following an upgrade to outperform by RBC, citing potential new partnerships and growth opportunities, especially with Lyft.
6. Spirit AeroSystems, Boeing: Shares of the fuselage maker surged nearly 3% as reports emerged that Boeing is in discussions to acquire Spirit Aerosystems due to quality issues affecting 737 Max jets. Boeing had previously spun off what later became Spirit AeroSystems in 2005.
7. Lyft: The ride-sharing company’s stock jumped 6% after an upgrade to outperform by RBC, highlighting confidence in Lyft’s EBITDA estimates for 2024 and its position in the market.
8. Kyverna Therapeutics: The biopharmaceutical company’s stock rose by over 4% following an overweight rating from Morgan Stanley, supported by its cell therapy for autoimmune diseases.
9. Ferrari: Shares of the luxury automaker fell by 2% after a downgrade to sell from neutral by Citi, citing concerns over valuation as Ferrari’s stock trades above Citi’s price target.
10. Li Auto: U.S.-listed shares of the Chinese automaker dropped by nearly 7% after last week’s gains. Li Auto had surged by 25% last week after reporting a strong earnings beat but disappointed with February delivery numbers.
11. Dutch Bros: Shares of the coffee chain increased by 2.5% after being upgraded to overweight by Piper Sandler, citing strength in same-store sales, future growth plans, and the implementation of Mobile Order & Pay testing. Analyst Brian Mullan indicated optimism for Dutch Bros’ outlook.
Source (CNBC)
