Stock Market

Stocks making the biggest moves premarket: GameStop, Seagen, Virgin Galactic and more

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Check out the companies making headlines before the bell:

GameStop (GME) – GameStop rallied 7.8% in the premarket after the videogame retailer declared a 4-for-1 stock split. Trading on a split-adjusted basis will begin on July 22.

Seagen (SGEN) – Seagen gained 4.5% in premarket trading after the Wall Street Journal reported that Merck (MRK) is in advanced talks to acquire the biotech company for more than $200 per share, or about $40 billion.

Virgin Galactic (SPCE) – The space tourism company’s stock rallied 3.7% in premarket action, after announcing a partnership with a Boeing (BA) subsidiary to build motherships that carry Virgin rocket ships aloft.

Meridian Bioscience (VIVO) – The maker of diagnostic test kits agreed to be acquired by a consortium consisting of Korean diagnostics company SD Biosensor and Korean private equity firm SJL Partners for $34 per share in cash, or about $1.5 billion.

Bed Bath & Beyond (BBBY) – Bed Bath & Beyond jumped 6% in the premarket following the disclosure of several insider purchases. Interim CEO Sue Gove bought 50,000 shares of the housewares retailer’s stock, while board members Harriet Edelman and Jeff Kirwan each bought 10,000 shares.

Boston Beer (SAM) – Boston Beer was downgraded to “sector perform” from “outperform” at RBC Capital Markets, which expects the brewer of Sam Adams beer and Truly hard seltzer to cut its volume guidance once again.

Helen of Troy (HELE) – The health care and beauty products company reported an adjusted quarterly profit of $2.41 per share, beating the $2.16 consensus estimate, with revenue also topping analyst forecasts. However, the company noted a slowdown in demand in some of its categories, as consumers shift spending patterns to deal with inflation, and cut its full-year outlook. The stock slid 6.7% in the premarket.

China EV Makers – Shares of China-based electric vehicle makers rose after government officials said they would consider extending a tax break for EV buyers. Li Auto (LI) rose 1% in the premarket, with Nio (NIO) up by 1.5% and Xpeng (XPEV) jumping 3.3%.

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