Check out the companies making headlines before the bell:
Boeing (BA) – Boeing added 1.2% in the premarket, following news that it planned to invest in a SPAC merger planned later this year by Richard Branson's satellite launch company Virgin Orbit. Virgin Orbit plans to merge with blank-check company NextGen Acquisition II (NGCA), whose shares jumped 6% following the announcement.
Coinbase (COIN) – Coinbase jumped 3.2% in premarket trading, with the cryptocurrency exchange's stock benefiting from bitcoin rising to its highest level since early May. Shares of the business analytics company MicroStrategy (MSTR) – which has extensive bitcoin holdings – rallied 3.9%.
Pfizer (PFE), BioNTech (BNTX) – The drug makers are expected to receive full FDA approval for their Covid-19 vaccine as soon as today, according to multiple reports. The vaccine had received emergency use authorization in late 2020. Pfizer added 3.9% in premarket action while BioNTech surged 7.7%. Moderna (MRNA) is also in the process of applying for full FDA approval of its Covid-19 vaccine and its shares rose 2.9%.
Trillium Therapeutics (TRIL) – Pfizer said it would buy the portion of the cancer therapy specialist that it doesn't already own in a deal worth $2.26 billion or $18.50 per share in cash. That compares to Trillium's Friday close of $6.09 per share. Pfizer had invested $25 million in Trillium in September 2020. Trillium shares nearly tripled in premarket trading.
General Motors (GM) – General Motors expanded the recall of its Chevy Bolt electric car to include newer models, a move that will cost the automaker an additional $1 billion. The recall will address an issue that can increase the risk of battery fires. GM fell 2.1% in the premarket.
Uber (UBER), Lyft (LYFT), DoorDash (DASH) – These stocks are on watch after a California judge ruled the state's "gig workers" law was unconstitutional. California voters had approved a ballot measure last November allowing those companies to treat workers as independent contractors rather than employees. The companies – which lobbied extensively for passage of the measure – plan to appeal. Uber tumbled 5.8% in premarket trading, with Lyft sliding 4.5% and DoorDash also losing 4.5%.
Didi Global (DIDI) – The China-based ride-hailing company may be forced to hand over shares containing special rights to the Chinese government, according to a report in the Financial Times. Didi rose 1.9% in premarket trading.
PayPal (PYPL) – PayPal will allow customers in the UK to buy, hold and sell cryptocurrencies beginning this week, its first rollout of cryptocurrency services outside the United States. PayPal added 1% in the premarket.
Robinhood (HOOD) – The company behind the popular trading app was added to coverage at a handful of investment firms following its late July initial public offering, including Goldman Sachs (neutral rating), Mizuho (buy), JMP Securities (outperform), Barclays (equal weight) and Piper Sandler (neutral). Robinhood added 2.7% in the premarket.
JD.com (JD) – The Chinese e-commerce company reported better-than-expected profit and revenue for the second quarter while adding a record number of new users.
CORRECTION: This article has been updated to correct the ticker for NextGen Acquisition II.