Stocks making the biggest moves in the pre-market: Spirit Airlines, Carvana, Warby Parker and more

Take a look at some of the biggest pre-market movers:

Spirit Airlines (SAVE) – Spirit Airlines jumped 19.3% in premarket trading after JetBlue (JBLU) launched a $30-a-share takeover bid for its rival airline. Spirit had rejected a previous offer from JetBlue, preferring to keep a previously reached agreement to merge with Frontier Airlines’ parent company, Frontier Group (ULCC). Frontier shares jumped 5.5% while JetBlue fell 0.6%.

Carvana (CVNA) – Shares of Carvana rose 13.3% in premarket action after the used-car retailer forecast strong 2023 core earnings. In a Securities and Exchange Commission filing , Carvana also detailed its cost reduction plans.

Warby Parker (WRBY) – Shares of the eyewear retailer fell 3.8% pre-market after the company reported an unexpected quarterly loss as well as slightly lower-than-expected revenue. Warby Parker reiterated his earlier outlook for the full year.

Twitter (TWTR) – Twitter fell 2% in the pre-market amid speculation over whether Elon Musk will complete his deal to take over the social media platform. Musk tweeted over the weekend that Twitter lawyers told him he violated a nondisclosure agreement by revealing the sample sizes Twitter uses when analyzing spam accounts.

Netflix (NFLX) – Netflix added 1.8% in premarket trading after Wedbush upgraded the stock to “outperform” from “neutral.” The company said the staggered release of shows like “Ozark” and “Stranger Things” will help reduce churn and it believes Netflix is ​​once again well positioned to grow.

Rivian (RIVN) – Ford Motor (F) has sold an additional 7 million shares of the electric vehicle maker, according to an SEC filing. This follows the sale of 8 million shares last week, with both sales leaving Ford with a 9.7% stake. Rivian was down 1.1% in premarket trading.

SoFi (SOFI) – Shares of the fintech company rose 4.2% in the pre-market after Piper Sandler took it from “overweight” to “neutral”. The company said SoFi will benefit from rapid deposit growth, the expiration of the student loan moratorium, and growing financial services revenue.

ManTech International (MANT) – Carlyle Group (CG) is set to complete a roughly $4 billion takeover of defense contractor ManTech, according to people familiar with the matter who spoke to Bloomberg. A deal could be announced as early as this week.

Trade Desk (TTD) – The programmatic advertising company’s stock rose 3.3% in premarket trading after Stifel Financial upgraded it to ‘buy’ from ‘hold’ and rose its price target at $80 per share versus $50 per share. Stifel said The Trade Desk will benefit from the addition of ad-supported versions from Netflix and Disney+.

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