Nike, Spirit Airlines and more

Take a look at some of the biggest moves in the advance market:

Nike (NKE) – Nike fell 2.4% in pre-market trading despite reporting better-than-expected quarterly earnings and revenue. The manufacturer of sportswear and footwear estimates sales for the current quarter below analysts’ estimates amid increased advertising activity and ongoing disruption in the profitable Chia market.

Spirit Airlines (SAVE) – Spirit added 4% to the advance market as the battle to buy the airline intensified. JetBlue (JBLU) responded to Frontier Groups’ (ULCC) latest enhanced offer by sweetening its own bid, adding a monthly prepayment of 10 cents per share between January 2023 and the end of the agreement, as well as a $ 50 million breach fee to $ 400 million and a payment of $ 2.50 per share once the agreement is approved. Frontier rose 2.7%, while JetBlue fell 0.3%.

Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC), Wells Fargo (WFC) – These banks raised dividends after passing their annual stress tests, but JPMorgan Chase (JPM) and Citigroup (C) kept their flat payments. Morgan Stanley gained 3.3% in premarket action, Goldman rose 1.7%, Bank of America rose 1.1% and Wells Fargo rose 0.7%.

Occidental Petroleum (OXY) – Occidental Petroleum gained 4% in pre-market trading after Berkshire Hathaway (BRK.B) revealed further purchases of Occidental Petroleum shares, increasing its stake to 16.4%.

Robinhood Markets (HOOD) – Robinhood fell 3.7% in premarket action after FTX CEO Sam Bankman-Fried threw cold water at a Bloomberg report that FTX may be interested in buying the trading platform company. Bankman-Fried told CNBC that although he is impressed with Robinhood and has been enthusiastic about potential partnerships, no active M&A talks are taking place.

Jefferies Financial (JEF) – Jefferies fell 4.4% in the advance market after the quarterly result was lower than analysts’ forecasts, even though the investment company’s revenues exceeded estimates. Revenues fell by 30% from a year ago in what Jefferies calls a “challenging” capital market environment.

Las Vegas Sands (LVS), Wynn Resorts (WYNN) – Shares of casino operators rose higher in the advance market as China eased Covid-19 quarantine rules for international arrivals. Las Vegas Sands rose 6.3%, while Wynn Resorts jumped 6.5%.

Playtika (PLTK) – The Israeli-based mobile game developer saw its shares rise 3.2% in pre-market trading following an Axios report that Joffre Capital bought a majority stake.

Roivant Sciences (ROIV) – The shares of the biopharmaceutical company rose by 7.9% in the pre-market after the unveiling of a new biotechnology company called Priovant Therapeutics in collaboration with Pfizer (PFE). Pfizer will have a 25% stake in Priovant, which will focus on new therapies for autoimmune diseases.

Snowflake (SNOW) – Snowflake gained 3.4% in premarket action after Jefferies upgraded the cloud computing company’s shares to “buy” from “hold”. Jefferies likes Snowflake’s growth potential and noticed its “rock solid” basic and “almost flawless” design. Snowflake had gained more than 32% in a series of five sessions before retiring by 2.2% yesterday.