Take a look at some of the biggest movers in the premarket:
Pinterest (PINS) – Pinterest shares plummeted 13.2% in pre-trading hours after PayPal (PYPL) said it wasn't looking to acquire the social media company at the time. The statement came in response to reports that Pinterest was targeting a takeover of up to $ 45 billion. PayPal shares rose 6.1%.
Tesla (TSLA) – Tesla has raised prices on certain versions of its Model X and Model S models, according to the company's website. In addition, car rental giant Hertz has reportedly ordered 100,000 Tesla vehicles for its fleet. The Tesla share rose by 4.3% before the IPO.
Kimberly-Clark (KMB) – The consumer products company's stock slipped 3% in pre-IPO trading after quarterly earnings fell 3 cents per share below estimates of $ 1.62 per share. Revenue was slightly above forecast, but Kimberly-Clark's results were impacted by higher inflation and supply chain issues.
Restaurant Brands International (QSR) – The restaurant operator reported quarterly earnings of $ 1.52 per share, 2 cents per share above estimates. Revenue was slightly below Wall Street projections, with Covid-19 adding to pressure on the supply chain and work pressure for the parent company of Tim Hortons, Burger King and Popeyes. The share gained 1.2% before the trading session.
Otis Worldwide (OTIS) – Otis was 4 cents per share above estimates, with quarterly earnings of 77 cents per share. Sales also exceeded the analysts' forecasts. Best known for its flagship elevators, the company also raised its outlook for the full year.
Facebook (FB) – Facebook remains controversial, with a Wall Street Journal story this morning detailing internal arguments about dealing with right-wing content. The stock fell 5% on Friday, breaking a four-session winning streak. The share lost another 1.5% before the market.
Knight-Swift Transportation (KNX) – The forwarding and logistics company’s shares rose 1.5% pre-IPO after UBS upgraded the share from “neutral” to “buy”. The company said Knight-Swift's non-trucking business is expanding faster than expected.
HSBC (HSBC) – HSBC reported better-than-expected quarterly earnings, up 74% year over year, and the bank also announced a $ 2 billion share buyback.
Southwest Gas (SWX) – Investor Carl Icahn is calling on Southwest Gas to offer shares to existing shareholders as the power company plans to sell up to $ 1 billion in equity as part of the financing of the purchase of pipeline company Questar. Icahn – who has a significant stake in the company – is against the deal and makes an offer to buy the stock he doesn't already own for $ 75 per share.
Whirlpool (WHR) – Whirlpool was downgraded from “Sector Performance” to “Underperform” at RBC Capital, citing a number of factors including the device manufacturer's loss of market share in North America. In pre-market trading, the share lost 1.4%.
Pfizer (PFE), BioNTech (BNTX) – Pfizer and BioNTech's Covid-19 vaccine showed 90.7% effectiveness in children ages 5-11. Health officials say the vaccine could be rolled out to children as early as November.