Top Movers

ASTS and Chubb Lead Pre-Market Surge, Deere Dips

Pre-Market

By Bill Bullington

5/16, 07:56 EDT
Chubb Limited
Deere & Company
Grab Holdings Limited
JD.com, Inc.
Walmart Inc.
ZTO Express Inc.
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Key Takeaway

  • AST Spacemobile (ASTS) and Chubb (CB) lead pre-market gains with surges of 38% and 11% respectively, fueled by significant business developments.
  • Deere (DE) dips 5.6% after cutting its full-year net income forecast, contrasting with Walmart's (WMT) optimistic revision of its financial projections.

Market Pauses After Rally

As the dawn breaks over Wall Street, the markets show signs of taking a well-deserved pause following a sprint to record highs. With the S&P 500 futures barely moving, and both the Nasdaq 100 futures inching up by 0.1% and Dow Jones Industrial Average futures remaining steady, investors are holding their breath for the Federal Reserve's next move and the latest jobless claims data.

High Flyers and Unexpected Dips

In the pre-market hustle, AST Spacemobile (ASTS) steals the spotlight with a staggering 38% surge, thanks to AT&T's leap from a memorandum of understanding to a definitive commercial agreement for a space-based broadband network. This marks ASTS's most significant jump since March 2022, illuminating the skies of investor optimism.

Meanwhile, Chubb (CB) shares are basking in an 11% jump, setting the stage for its most considerable gain since November 2008. This investor enthusiasm is fueled by Warren Buffett’s Berkshire Hathaway revealing a hefty $6.7 billion stake in the insurer, a move that analysts have greeted with open arms.

On the flip side, Deere (DE) faces a 5.6% setback after trimming its full-year net income forecast, casting a shadow over its previous financial outlook.

Noteworthy Gainers Amidst the Calm

GoodRx (GDRX) shares are on the rise, up 3.9% following an upgrade from Raymond James, sparked by potential growth highlighted during the firm’s investor day. Grab Holdings (GRAB) also enjoys a 3.3% uptick after surpassing first-quarter revenue expectations and uplifting its Ebitda guidance, a move Morgan Stanley describes as “notable.”

Prime Medicine Inc. (PRME) sees a 5.3% climb after receiving a buy rating from Citi, buoyed by the FDA’s nod to commence human trials for its rare blood disorder therapy. JD.com’s (JD) US-listed shares ascend by 3.5% after outperforming earnings expectations, with its core retail arm showcasing robust profitability.

Walmart (WMT) shares leap by 5.9% as the retail giant revises its full-year earnings and net sales growth projections upwards, signaling confidence in its financial health. ZTO Express (ZTO) ADRs enjoy a 12% jump after reporting earnings that not only surpassed estimates but also highlighted strategies to enhance profitability amid fierce price competition.