Walt Disney, Carvana, Coinbase and more

Take a look at some of the biggest pre-market movers:

waltz disney (DIS) – Walt Disney rose 8.8% in premarket trading after the weekend announcement that former chairman and CEO Bob Iger was returning as chief executive, replacing Bob Chapek. The executive suite change follows a decline in Disney’s share price and weaker-than-expected earnings.

carvana (CVNA) – Carvana fell 3.9% in premarket after The Wall Street Journal quoted analysts as saying the online used-car retailer could run out of cash within a year. Carvana announced on Friday that it was laying off around 1,500 workers.

Coinbase (COIN) – Coinbase slid 6.8% in premarket trading as shares of the cryptocurrency exchange fell following the bankruptcy of rival FTX. A Bank of America analyst says Coinbase is not another FTX but is facing headwinds amid general skepticism towards the cryptocurrency market.

J. M. Smucker (SJM) – The food producer’s stock jumped 3.3% pre-market after beating Wall Street high and low estimates for its latest quarter. The company behind brands like Smucker’s, Folgers, Jif and Milk-bone also raised its full-year guidance.

Chinese stocks – Stocks of China-based companies are under pressure after three Covid-related deaths were reported in Beijing over the weekend, the first reported since May. The total number of Covid cases in China is also on the rise. Ali Baba (BABA) fell 3.4% in premarket trading, JD.com (JD) fell 5.3%, Baidu (BIDU) lost 2.7% and Pinduo-duo (PDD) slipped 2.8%.

Imago BioSciences (IMGO) – The cancer drug developer has agreed to be bought by Merck (MRK) in a deal valued at $1.35 billion, or $36 per share in cash. Imago soared 105% in pre-market.

Williams Sonoma (WSM) – The home goods retailer’s stock fell 1.9% in premarket trading after Barclays downgraded it to “equal weight” from “overweight”, underscoring the negative impact of a weakened housing market.

MongoDB (MDB) – The database platform provider’s stock has been downgraded to “equal weight” from “overweight” in Morgan Stanley. The company said it was optimistic about MongoDB’s long-term prospects, but expects the company to be hurt in the near term by a cautious spending environment. MongoDB fell 4.3% pre-release.


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