Spirit Airlines, Sofi, Carvana Rise Premarket; Twitter, McDonald’s Fall
2022.05.16 15:40
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Monday, May 16th. Please refresh for updates.
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Spirit Airlines (NYSE:SAVE) stock rose 15% after JetBlue Airways (NASDAQ:JBLU), down 1.3%, launched a hostile all-cash takeover bid for its smaller rival days after Spirit turned down an offer from the discount carrier. Frontier Group (NASDAQ:ULCC) stock rose 4.7% with Spirit’s board still recommending its offer.
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McDonald’s (NYSE:MCD) stock fell 0.3% after the burger giant announced it will sell its business in Russia after 30 years of operations, saying continued ownership is “no longer tenable, nor is it consistent with McDonald’s values.”
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Twitter (NYSE:TWTR) stock fell 2.2% after billionaire Elon Musk tweeted over the weekend that the social messaging platform’s legal team accused him of violating a nondisclosure agreement by revealing that the sample size for its checks on automated users.
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SoFi Technologies (NASDAQ:SOFI) stock rose 5% after Piper Sandler upgraded its stance on the personal finance company to ‘overweight’ from ‘neutral’, saying the shares can rise sharply as the student loan moratorium clears.
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Carvana (NYSE:CVNA) stock rose 12% after the used-car retailer forecast significant core earnings for 2023 while outlining plans to rein in costs.
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Rivian Automotive (NASDAQ:RIVN) stock fell 0.7% after auto giant Ford (NYSE:F), up 0.4%, sold 7 million shares of the electric carmaker, according to a filing on Friday.
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Ryanair (NASDAQ:RYAAY) ADRs fell 2.4% after the Irish airline reported a 355 million euro ($370 million) annual loss and warned of a “fragile” recovery on airline passenger numbers.
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Netflix (NASDAQ:NFLX) stock rose 2.8% after Wedbush upgraded its stance on the streaming giant to ‘outperform’ from ‘neutral’, with the investment firm, a long-time bear of the stock, saying new content will reduce churn.
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Barclays (NYSE:BCS) ADRs rose 1% after the British bank said it expects to refile financial statements with U.S. regulators by the end of May, paving the way to resume a 1 billion pound ($1.23 billion) buyback program it halted following a trading blunder earlier this year.
