Before the bell rings, know about the companies that make headlines:
Baidu (BIDU) – Shares of Baidu jumped 4.1% in premarket trading after Reuters reported talks by the China-based internet search giant to sell its controlling stake in the video streaming company. iQIYI (IQ). IQIYI fell 3.4%.
micro strategy (MSTR) – MicroStrategy posted a premarket drop of 2.2% as the bitcoin price hit an 18-month low. The business analytics company has extensive bitcoin holdings.
modern (mRNA) – Moderna has won an FDA panel recommendation for the use of its COVID-19 vaccine in children aged 6 to 17 years. A vote by the full FDA could come within a few days. Modern gained 1% in premarket action.
Stellaris (STLA) — Stelantis will begin indefinite layoffs next week at its Sterling Heights, Michigan stamping plant. The world’s fourth-largest automaker did not specify how many workers would be affected. Stelantis rose 3.4% in the premarket.
zendesk (ZEN) — Zendesk is in negotiations with active investor Jan Partners after ending a failed attempt to sell the software company, according to people familiar with the matter who spoke to the Wall Street Journal. The paper said the proposed changes could include the stepping down of CEO Mikel Sven as well as changes to the board of directors. Zendesk added 1% in premarket trading.
Robinhood Markets (HOOD) — The trading platform operator was downgraded from “neutral” to “underweight” at Atlantic Equities, citing Robinhood’s revenue trends. Robinhood dropped 4.2% in premarket action.
snowflake (SNOW) – The cloud computing company was upgraded from “hold” to “buy” at Canaccord Genuity. Shares are down more than 65% in 2022, but Canaccord said the stock is now at an attractive entry point, fueled by rising demand and promising new products. Snowflake rose 3.6% in the premarket.
wheels up (UP) – Private Jet Company stock rose 2.1% in premarket trading after Goldman began coverage with a “buy” rating, adding that Wheels Up is an established and a leader in the growing end market.
Sonos (Sono) — The high-end speaker maker was downgraded from “overweight” to “equal weight” at Morgan Stanley, following concerns about the impact of more cautious consumer spending. Sonos fell 3.1% in the premarket.
— CNBC peter shacano Contributed to reporting.