Twitter, Tesla, Starbucks and more

Take a look at some of the biggest movers in the premarket:

Twitter (TWTR) – Twitter shares rose 26.1% in premarket after a filing with the Securities and Exchange Commission showed that Tesla CEO Elon Musk had taken a passive 9.2% stake in Twitter.

Tesla (TSLA) – Tesla delivered just over 310,000 vehicles in the first quarter, a record for the electric vehicle maker but below Wall Street consensus estimates. Tesla is up 1% in premarket trading.

Starbucks (SBUX) – Starbucks has suspended its stock buyback program to invest in the coffee chain’s future growth. The move comes as Howard Schultz returns for a third term as CEO, replacing the retiring Kevin Johnson. Starbucks down 2.3% premarket

JPMorgan Chase (JPM) – In his annual letter to shareholders, CEO Jamie Dimon said the bank could suffer a potential $1 billion loss from its exposure to Russian investments.

JD.com (JD), Netease (NTES), Alibaba (BABA), Tencent Music (TME) – US-listed Chinese stocks rebound in premarket trading after China proposed to revise confidentiality rules around audit oversight. That could remove an obstacle to US-China cooperation and prevent these companies from being delisted in the US.

Hertz (HTZ) – The car rental company announced a new partnership that will see Hertz purchase up to 65,000 electric vehicles from electric vehicle manufacturer Polestar over the next five years. Hertz gained 2.3% in the pre-market.

Novartis (NVS) – Novartis announced a restructuring of its business units so the Swiss drugmaker could save at least $1 billion annually through 2024. The new structure will integrate the drugmaker’s pharmaceutical and oncology businesses. Novartis was up 1% in premarket trading.

General Motors (GM) – Canada will today announce investments in two GM plants in the country, according to a source speaking to Reuters. The size of the investment, which includes support for a commercial electric vehicle manufacturing plant, is unknown.

Logitech (LOGI) – Goldman Sachs upgraded Logitech from neutral to buy, buoyed by the recent strong financial performance of the maker of computer mice, keyboards and other computer peripherals. Logitech was up 4.3% in the premarket.

Crox (CROX) — The casual footwear maker’s stock slipped 1.9% in premarket trading after Loop Capital downgraded it to hold from a “buy” and lowered its price target to $80 from $150. According to Loop, investor sentiment towards the stock has shifted, placing it in the “COVID winner” category.

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