TipRanks has compiled a list of Thursday’s biggest pre-market stock movements.
Today’s stock market is dominated by mixed market sentiment on company-specific news, macro factors, and other variables. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
GXO Logistics, Inc. (GXO), an American global contract logistics company, was the biggest laggard in pre-market trading, declining 7% at the time of writing. There is no company-specific news explaining investor anxiety.
Meanwhile, Canadian Imperial Bank of Commerce (CM) gained 6% in pre-market trading, at last check. Positive sentiment seems to be driven by the Canadian bank’s strong fundamentals and future growth prospects.
PG&E Corporation (PCG) lost 5.75% in the pre-market session at the time of writing, after recording gains of 2.55% at yesterday’s close. Recently, the company agreed to pay $55 million to avoid criminal charges related to two big wildfires, including the second-biggest in California history. The settlement with district attorneys represented six counties in the area. PG&E provides natural gas and electricity to customers in northern and central California.
Social networking giant Twitter, Inc. (TWTR) jumped 7% in pre-market trading at last watch. The surge followed the proposal put forward by Tesla CEO Elon Musk, the world’s richest person, to buy the company for $54.20 per share in cash. The price tag represents a 54% premium to the closing price of January 28 and a valuation of approximately $43 billion.
Telefonaktiebolaget LM Ericsson (publ) (ERIC) completes the list. It lost 4.8% in pre-market trading at the time of writing. Though the Swedish multinational networking and telecommunications company headquartered in Stockholm posted a rise in first-quarter 2022 organic sales, margin plummeted due to proactive investments in supply chain resilience in Networks.
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