Top Movers

Space Mobile and Chubb Soar, GameStop Plummets in Pre-Market

Pre-Market

By Bill Bullington

5/16, 06:25 EDT
AMC Entertainment Holdings, Inc.
Chubb Limited
Coupang, Inc.
Cisco Systems, Inc.
Grab Holdings Limited
ZTO Express Inc.
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Key Takeaway

  • AST Spacemobile (ASTS US) and Chubb (CB US) lead pre-market gains with surges of 36% and 9.5%, respectively, following significant business developments.
  • GameStop (GME US) and AMC Entertainment (AMC US) face declines of 16% and 12%, contrasting with the tech sector's uplift led by Cisco Systems' positive revenue outlook.

Mixed Movements Amid Record Highs

As the U.S. equity market pauses for a breath after a surge driven by interest rate cut anticipations, S&P 500 futures hover around 5,335.00, signaling a day of mixed movements ahead. This pre-market session showcases a diverse set of movers, from soaring space ventures to declining meme stocks, painting a complex picture for investors.

Space and Insurance Stocks Ascend

In a significant leap, AST Spacemobile (ASTS US) shares are set to mark their most substantial rise since March 2022, surging 36% following the upgrade from a memorandum of understanding to a definitive commercial agreement with AT&T for a space-based broadband network. Meanwhile, Chubb (CB US) enjoys a 9.5% jump, potentially its largest since November 2008, after the revelation of a $6.7 billion investment by Warren Buffett's Berkshire Hathaway, spotlighting the insurer as a noteworthy player in the market.

Tech and Consumer Goods See Uplift

The technology sector receives a boost with Cisco Systems (CSCO US) climbing 4.5% after uplifting its full-year revenue outlook, a sign of renewed business investment in networking infrastructure. Coupang (CPNG US) also benefits from a 3.2% increase as UBS shifts its stance to buy, reflecting a positive outlook on the e-commerce giant. Additionally, Grab Holdings (GRAB US) shares rise by 3.3% after surpassing revenue expectations and enhancing its Ebitda forecast, indicating robust growth in the ride-hailing and delivery domain.

Meme Stocks Retreat, Logistics Thrive

Contrasting the day's gains, GameStop (GME US) and AMC Entertainment (AMC US) face downturns of 16% and 12%, respectively, as the latest surge in meme stocks begins to wane. On the other hand, ZTO Express (ZTO US) ADRs experience an 11% uplift after reporting earnings that exceeded estimates, demonstrating strategic moves to enhance profitability amidst intensifying price competition in the delivery sector.