TipRanks has compiled a list of Monday’s biggest pre-market stock movements.
Mixed market sentiment on company-specific news, macro factors, and other variables seem to have dominated today’s stock market. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
Quebec-based Turquoise Hill Resources Ltd. (TRQ) was the biggest gainer in pre-market trading, as the stock surged around 31% at the time of writing. The surge in price followed the non-binding proposal of Rio Tinto Group (RIO) to buy out Turquoise Hill, the holding company of the Oyu Tolgoi copper-gold project in Mongolia, for $2.7 billion. It is a Canadian mineral exploration and development company.
Another gainer, Deutsche Bank AG (DB) jumped 8.39% in pre-market trading, at last check. Combating the criticism faced by investors and politicians over its ongoing relations with Russia, the German bank surprisingly announced that it will wind down its business in the aggressor country driving positive sentiment among investors.
Meanwhile, Hong Kong-based biotech firm HUTCHMED (China) Limited (HCM) dropped 4.33% in pre-market trading at the time of writing. Negative sentiment followed the U.S. Securities and Exchange Commission’s (SEC) disclosure that Hutchmed is among the five China-based companies considered for potential delisting.
Another loser, Sealed Air Corporation (SEE) declined in pre-market trading, recording losses of 10% at the time of writing. Though the packaging company has no fundamental news to explain the trading frenzy, it seems that geopolitical issues have led to the negative sentiment.
China-based hotel management company Huazhu Group Limited (HTHT) completes the list. It moved downward around 10% in pre-market trading at the time of writing. This drop followed Friday’s decrease of more than 12% in its stock price. Though there is no company-specific news explaining the downtrend, it seems that macro issues have taken over the price.
Continue to watch this space for possible volatility upon the market opens. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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