Stocks making the biggest moves premarket: Cigna, Macy’s, Snap and more
Check out the companies making headlines before the bell. Occidental Petroleum — Shares dipped 1.1% after Occidental Petroleum agreed to buy privately held energy producer CrownRock for $12 billion and also announced that it’s raising its quarterly dividend to 22 cents a share from 18 cents a share. Pinterest — The stock rallied 3.3% after RBC upgraded Pinterest to outperform from sector perform. Analysts said Pinterest is a way to play the shift of internet-based ad platforms chasing the $241 billion in advertising spending in impulse shopping. Macy’s — The retailer popped 16% after reports that the company received a buyout offer . People familiar with the matter told CNBC on Sunday that two investment firms have offered to buy Macy’s for $5.8 billion, or $21 per share. The Wall Street Journal first reported the buyout offer. Nordstrom , Kohl’s — Shares of both companies jumped roughly 3.7%, boosted by news of the Macy’s buyout offer. Nike — The footwear manufacturer’s stock gained 1.6% after Citi upgrade it to buy from neutral on optimism the company will be able to protect its earnings-per-share despite a choppy macroeconomic environment. Analyst Paul Lejuez’s new price target suggests more than 16% potential upside. Barclays also reiterated its bullishness for the stock..5 Cigna , Humana — Cigna’s stock popped 13.9% after the health insurer abandoned its attempt to negotiate an acquisition of rival company Humana, which added more than 2.1% in early morning trading. The deal talks ended after the pair failed to agree on price. Best Buy — Shares rose 2% after Jefferies upgraded the retail stock to buy from hold, saying the “replacement cycle” for pandemic purchases will start up soon. Its new price target implies 20% upside from Friday’s close. Snap — The stock jumped 4.7% after Wells Fargo upgraded shares to overweight from equal weight, saying the company’s ad platform rebuilding efforts will lead to outperformance. — CNBC’s Jesse Pound, Lisa Kalai Han, Sarah Min and Michelle Fox Theobald contributed reporting.
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