Oak Street Health, Frontline, Boeing and more

A Boeing 737 MAX 8 sits outside of the hangar during a media tour of the Boeing 737 MAX at the Boeing facility in Renton, Washington.

Matt McKnight | Reuters

Check out the companies making headlines in premarket trading.

Oak Street Health – Oak Street Health shares rose 36% after a Bloomberg report the CV is reviewing opportunities to buy the healthcare company for more than $10 billion. CVS stock fell about 0.5% on the news.

front line — Shipping shares rose more than 24% in premarket trading after Frontline announced it was ending its combination with Euronav. Frontline CEO Lars Barstad said both companies “already enjoy economies of scale.”

CureVac – CureVac shares surged 19% after the company announced plans to continue patient trials of its mRNA vaccines for Covid-19 and the flu. The company also announced that Sanofi veteran Alexander Zehnder will become CEO in April.

Boeing — The aerospace giant fell more than 2% after Morgan Stanley downgraded Boeing from overweight to equal weight, citing a lack of potential upside from current levels. “We see a balanced risk/reward as the majority of the short- and medium-term positive catalysts for the stock have been realized,” Morgan Stanley said in a statement.

Norwegian cruise line – Shares fell 3.3% after a downgrade to underweight from equal weight by Morgan Stanley, who cited concerns about how overcapacity could hurt pricing power. Meanwhile, the company upgraded competitor Royal Carribean, which is up 0.3% premarket, from underweight to equal weight.

coin base – Coinbase shares were last trading flat, after rising slightly premarket on news that it plans to shed 20% of its workforce. The move marks the second major round of cuts as the company seeks to cut costs after entering expansion mode during the bull market.

Sotera health – Shares soared more than 58% in premarket trading after the company announced that its subsidiaries reached agreements to resolve more than 870 cases related to exposure to ethylene oxide, a carcinogen, from its Willowbrook facilities. Sotera agreed to pay $408 million and said the settlement was not an admission that the emissions posed a safety risk.

bumblebee — Bumble rose more than 2% after KeyBanc upgraded the dating app stock from sector weighting to overweight, noting, “The competitive landscape appears stable and economic pressures are easing.”

Virgo Orbit — The company’s shares fell 19% after Virgin Orbit’s satellites, launched from UK soil, missed their target orbit. “While we are very proud of the many things we have successfully accomplished as part of this mission, we recognize that we have not been able to provide our customers with the launch service they deserve,” said CEO Dan Hart.

– CNBC’s Samantha Subin, Alexander Harring, Jesse Pound and Michelle Fox contributed coverage

https://www.cnbc.com/2023/01/10/stocks-making-the-biggest-moves-premarket-oak-street-health-frontline-boeing-and-more.html Oak Street Health, Frontline, Boeing and more


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