SAN ANSELMO, CALIFORNIA – JUNE 06: In this photo illustration, the Coinbase logo is displayed on a screen on June 06, 2023 in San Anselmo, California. The Securities And Exchange Commission has filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by acting as an exchange, a broker and a clearing agency without registering with the Securities and Exchange Commission. (Photo Illustration by Justin Sullivan/Getty Images)
Justin Sullivan | Getty Images
Discover the companies making significant moves before the market opens:
Rivian — Shares experienced a 6.5% surge in premarket trading, adding to the gains made on Monday after the electric vehicle maker reported 12,640 deliveries during the second quarter. These figures represent a significant 59% increase compared to the previous quarter, surpassing analyst expectations of 11,000 vehicles, according to StreetAccount.
United Parcel Service — The logistics and delivery company saw its shares decline by over 1% in premarket trading as negotiations between UPS and the Teamsters union reached an impasse. In a statement on Wednesday, the union declared that negotiations had broken down after UPS walked away from the table. UPS responded by clarifying that it had not walked away and encouraged the union to continue negotiations. The current UPS Teamsters contract is set to expire at the end of July.
Coinbase — The cryptocurrency services company experienced a decrease of over 2% after Piper Sandler downgraded the stock. Piper Sandler noted that despite the recent market rally following the SEC’s lawsuit against Coinbase, the surge in cryptocurrency prices has not led to an increase in trading volume. The firm also predicts that Coinbase will report its lowest trading volumes and monthly transacting users in over two years during the third quarter.
AstraZeneca — The drugmaker experienced a nearly 3% increase in shares after a significant 8% decline on Monday when AstraZeneca announced preliminary results of its phase three lung cancer treatment. The company revealed that data for overall survival was “not mature” and the results were not statistically significant; however, the trial will continue.
Transocean — Shares of the offshore oil drilling company rose by 3.7% after Citi upgraded them from neutral to buy. Citi stated that Transocean is favorably positioned among its offshore drilling peers due to its significant fleet of idle rigs that will be returning to work in the coming years.
Hertz — Hertz shares increased by over 1% after Jefferies initiated coverage of the car rental company with a buy rating, citing the potential for stronger margins.
American Equity Investment Life Holding — The stock experienced a gain of over 2% after the company announced its acquisition by Brookfield Reinsurance for approximately $4.3 billion. As part of the agreement, each AEL shareholder will receive $55 per AEL share.
Wolfspeed — Shares skyrocketed by over 17% after the company secured a decade-long supply deal worth $2 billion with Renesas, providing silicon carbide bare and epitaxial wafers.
— Reporting by Tanaya Macheel and Jesse Pound.
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