Stocks making the biggest moves in the premarket: Magellan Health, FLIR Systems, Tesla & more
Take a look at some of the biggest movers in the premarket:
Magellan Health (MGLN) – The managed care company agreed to be acquired by Centene (CNC) for $95 per share in cash or $2.2 billion. The deal represents a nearly 15% premium for Magellan shareholders over its most recent closing price. Shares of Magellan jumped more than 12% in premarket trading.
FLIR Systems (FLIR) – The maker of thermal imaging cameras and sensors will be bought by industrial instruments and software maker Teledyne Technologies (TDY) for about $8 billion in cash and stock. The deal values FLIR at about $56 per share, compared to FLIR’s Thursday close of $43.83. FLIR shares soared 22% in the premarket.
Tesla (TSLA) – Tesla delivered a record 499,550 vehicles in 2020, but did fall just short of its goal of a half-million deliveries after its U.S. plant was temporarily closed by the Covid-19 outbreak. Tesla had delivered about 367,500 vehicles in 2019. Shares of Tesla were up 2.3% in premarket trading.
Brookfield Property Partners (BPY) – Brookfield Asset Management (BAM) offered to buy the part of the real estate investment trust that it does not already own for $16.50 per share or stock, or $5.9 billion. Brookfield Property shares leaped 15% in the premarket.
AstraZeneca (AZN) — Britain began administering doses of the Covid-19 vaccine developed by AstraZeneca and Oxford University, delivering the first dose at Oxford University Hospital. It had rolled out the vaccine made by Pfizer (PFE) and BioNTech (BNTX) in late 2020. Pfizer shares rose 2.5% in premarket trading.
Herbalife (HLF) – Investor Carl Icahn sold more than half his stake in the nutrition products maker back to the company, and is giving up his firm’s seats on Herbalife’s board. The sale of about $600 million in stock reduces Icahn’s Herbalife stake to about 6% from the prior 16%. Icahn is estimated to have made more than $1 billion on his Herbalife investment. Herbalife’s shares slid 6.3% in the premarket.
Roku (ROKU) – Roku is in advanced talks to buy Quibi’s content catalog, according to a Wall Street Journal report. Quibi – a short-form video streaming service founded by movie industry veteran Jeffrey Katzenberg – is in the process of winding down its operations. Roku’s shares were up 2.7% in the premarket.
Fiat Chrysler (FCAU) – Shareholders of Peugeot parent PSA Groupe have approved the $52 billion merger between the two automakers, with Fiat Chrysler shareholders set to vote today as well. That would clear the way for completion of the deal by the end of March. Shares of Fiat Chrysler rose 1.9% in premarket trading.
Delta Air Lines (DAL) – Delta CEO Ed Bastian told employees in a letter that he expected the airline’s cash flow to be positive by the spring. He sees the difficulties experienced in 2020 continuing as the new year begins, followed by a rebound in air travel as vaccines become widely available.
Verizon (VZ) – Verizon struck a new distribution deal with local TV station operator Hearst Television, avoiding a blackout of Hearst’s stations for customers of Verizon’s FIOS service.
Ford Motor (F) – Ford announced the end of its joint venture with India-based car maker Mahindra, with the automakers pointing to the economic challenges presented by the Covid-19 pandemic.
Under Armour (UAA) – Pivotal Research upgraded the athletic apparel maker’s stock to “buy” from “hold,” citing valuation as well as its belief that Under Armour is better positioned now than it was before the Covid-19 pandemic. Under Armour shares climbed 1.9% in the premarket.
Expedia (EXPE) – Expedia was upgraded to “buy” from “neutral” at BofA Securities, based on an anticipated rebound in travel bookings during the second half of 2021.