Top Movers

Pre-Market Surge: ASTS, GOOS, CB Lead with Strategic Wins

Pre-Market

By Bill Bullington

5/16, 08:39 EDT
Baidu, Inc.
Chubb Limited
Deere & Company
Dollar General Corporation
JD.com, Inc.
Target Corporation
Walmart Inc.
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Key Takeaway

  • AST Spacemobile (ASTS), Canada Goose (GOOS), and Chubb (CB) lead pre-market gains with surges of 38%, 14%, and 11% respectively, driven by strategic deals and strong quarterly results.
  • Despite mixed signals in pre-market activity, tech and retail sectors show strength, while Deere (DE) and Under Armour (UA) falter on poor forecasts.

Mixed Signals Amid Record Highs

As the dust settles from recent rallies pushing stock indexes to unprecedented levels, today's pre-market activity offers a nuanced view of investor sentiment. With the S&P 500 and Dow Jones Industrial Average showing minimal changes and the Nasdaq 100 nudging slightly higher, all eyes are on Federal Reserve speakers and upcoming jobless claims data for hints on future interest rate movements.

Standout Movers and Shakers

In a market brimming with anticipation, several companies have emerged as notable pre-market movers. AST Spacemobile (ASTS) leads the pack with a staggering 38% surge, marking its most significant leap since March 2022, thanks to a solidified deal with AT&T for a space-based broadband network. Meanwhile, Canada Goose (GOOS) and Chubb (CB) enjoy substantial gains of 14% and 11%, respectively, driven by strong quarterly results and Warren Buffett's Berkshire Hathaway revealing a $6.7 billion stake in Chubb.

Tech and Retail Shine, Some Falter

The technology sector shows resilience with Baidu (BIDU) and JD.com (JD) posting gains after beating earnings expectations. Lightspeed Commerce (LSPD) and Magnite (MGNI) also stand out with impressive jumps, buoyed by positive financial results and strategic partnerships. In retail, Walmart (WMT) shines with a 5.9% increase after uplifting its full-year forecasts, influencing peers like Target (TGT) and Dollar General (DG) to trend upwards. However, not all news is positive, as Deere (DE) and Under Armour (UA) face downturns due to disappointing forecasts and earnings projections.