A Boeing 737 MAX 8 sits outside the hangar during a Boeing 737 MAX press tour at Boeing’s Renton, Washington plant.
matt mcknight | Reuters
Check out the companies making headlines in pre-market trading.
oak street health – Oak Street Health shares rose 36% after a Bloomberg report that cvs is exploring options to buy the healthcare company for more than $10 billion. CVS shares fell 0.5% on the news.
front line –Shipping shares rose more than 24% in premarket trade 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 rose 19% after the company said it plans to conduct more patient trials of its mRNA vaccines for covid-19 and flu. The company also announced that Sanofi veteran Alexander Zehnder will become chief executive in April.
Boeing — The aerospace giant fell more than 2% after Morgan Stanley downgraded Boeing to the same weight from overweight, citing a lack of upside potential from current levels. “We see balanced risk reward as most of the short- and medium-term positive catalysts for the stock have been realized,” Morgan Stanley said in a note.
norwegian cruise line – Shares fell 3.3% after a downgrade to underweight from equal weight by Morgan Stanley, which cited concerns about how excess capacity could hurt pricing power. Meanwhile, the firm upgraded its competitor Royal Caribbean, which added 0.3% in the pre-market period, to equal weight from underweight.
coin base – Coinbase shares last traded flat after rising slightly ahead of trading on the news that plans to cut 20% of its workforce. The move marks the second major round of cuts as the company looks to cut costs after going into expansion mode during the bull market.
Sotera Health – Shares soared more than 58% in premarket after the company announced that its subsidiaries have reached settlements to resolve more than 870 cases related to exposure to ethylene oxide, a carcinogen, from its Willowbrook facility. Sotera agreed to pay $408 million and said the settlement is not an admission that the emissions pose a safety hazard.
Bumble — Bumble rose more than 2% after KeyBanc upgraded dating app shares to overweight from sector weight, noting: “The competitive environment appears stable and economic pressures are easing.”
virgin orbit — Shares in the company fell 19% after Virgin Orbit satellites launched from British soil failed to reach their target orbit. “While we are very proud of the many things we have successfully accomplished as part of this mission, we are aware that we are not providing our customers with the launch service they deserve,” said CEO Dan Hart.
— CNBC’s Samantha Subin, Alexander Harring, Jesse Pound and Michelle Fox contributed reporting
