October 5, 2022

Check out the companies making headlines before the bell:

Uber (UBER), DoorDash (DASH) – Uber is down 3.1% in the primary market while DoorDash is down 7.5%, following news that Amazon (AMZN) has struck a deal to add membership to rival food delivery service Grubhub as a free feature to its ‘prime’ “. The Amazon deal also gives it the option to acquire a stake in Grubhub.

Spirit Airlines (SAVE) – Spirit has won the right to operate rush-hour afternoon and evening flights at Newark Liberty International Airport. Spirit was trying to win slots vacated by Southwest Airlines (LUV) when it grounded in Newark in 2019, but the FAA initially chose not to award while evaluating traffic conditions at the airport.

Altria (MO) – Altria gained 2.7% in the initial market after the FDA temporarily suspended its ban on Juul e-cigarette products. Altria owns a 35% stake in Juul, which will allow it to keep its products on the market while it appeals the Food and Drug Administration’s ban.

Coinbase Global (COIN) – Coinbase has been downgraded to “neutral” from “overweight” in Atlantic Equities, which cites a number of factors including questions about the crypto exchange operator’s ability to attract talent. Coinbase stock is down 3.3% in pre-market trading.

Rocket Companies (RKT) — Rocket companies are up 4.4% in pre-market trading after Wells Fargo Securities upgraded shares of the fintech company to “overweight” from “equal weight.” Rocket stocks are down about 41% so far this year.

Sempra Energy (SRE) — Sempra Energy has been upgraded to “buy” from “neutral” at Goldman Sachs, which feels the energy company’s shares are undervalued after dropping more than 9% over the past month.

Resolute Forest Products (RFP) — The paper and wood products maker has agreed to be acquired by Montreal-based Paper Excellence Group, for $20.50 per share, plus a conditional value right. Resolute Forest Products was up 66.8% in pre-market activity.

Kornit Digital (KRNT) – The Israel-based developer of digital printing technologies for the apparel industry saw a 24.3% decline in the primary market. It came after Kornit cut its guidance for the current quarter by about half and said the third quarter could see a similar slowdown, due to the downturn in e-commerce in the wake of the pandemic-induced surge.

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