Stocks making the biggest moves premarket: Oak Street Health, Frontline, Boeing and more

Market Insider

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A Boeing 737 MAX 8 sits outside the hangar during a media tour of the Boeing 737 MAX at the Boeing plant in Renton, Washington.
Matt Mcknight | Reuters

Check out the companies making headlines in premarket trading.

Oak Street Health – Shares of Oak Street Health surged 36% after a Bloomberg report that CVS is exploring options to buy the health care company for more than $10 billion. CVS stock ticked down about 0.5% on the news.

Frontline –The shipping stock surged more than 24% in premarket trading after Frontline announced that it was terminating its combination with Euronav. Frontline CEO Lars Barstad said that both companies “are already enjoying economies of scale.”

CureVac – CureVac shares jumped 19% after the company said it plans further 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 to equal weight from overweight, citing a lack of potential upside from current levels. “We see a balanced risk reward as the majority of the near- and medium-term positive catalysts for the stock have been realized,” Morgan Stanley said in a note.

Norwegian Cruise Line – Shares dropped 3.3% after a downgrade to underweight from equal weight by Morgan Stanley, which cited concerns over how overcapacity could hurt pricing power. Meanwhile, the firm upgraded competitor Royal Carribean, which added 0.3% in the premarket, to equal weight from underweight.

Coinbase – Coinbase shares last traded flat after rising slightly premarket on news that it plans to cut 20% of its workforce. The move marks the second major round of cuts as the company looks to trim costs after hitting expansion mode during the bull market.

Sotera Health – Shares soared more than 58% in the premarket after the company announced its subsidiaries came to agreements to settle more than 870 cases relating to the exposure of ethylene oxide, a carcinogen, from its Willowbrook facilities. Sotera agreed to pay $408 million and said the settlement is not an admission that the emissions posed a safety hazard.

Bumble — Bumble popped more than 2% after KeyBanc upgraded the dating app stock to overweight from sector weight, noting: “The competitive environment appears stable, and economic pressures are easing.”

Virgin Orbit — The company’s stock tumbled 19% after Virgin Orbit’s satellites launched from British soil fell short of their target orbit. “While we are very proud of the many things that we successfully achieved as part of this mission, we are mindful that we failed to provide our customers with the launch service they deserve,” CEO Dan Hart said.

— CNBC’s Samantha Subin, Alexander Harring, Jesse Pound and Michelle Fox contributed reporting

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