Nike, Spirit Airlines and more

Take a look at some of the biggest movers in the premarket:

Nike (NKE) – Nike fell 2.4% in premarket trading despite reporting better-than-expected quarterly profit and revenue. The athletic apparel and footwear maker forecast current-quarter revenue below analysts’ estimates amid increased promotional activity and ongoing disruptions in its profitable Chia market.

Spirit Airlines (SAVE) – Spirit added 4% in the premarket as the battle to buy the airline intensifies. JetBlue (JBLU) responded to Frontier Group’s (ULCC) latest improved offer by sweetening its own bid, adding a monthly pre-payment of 10 cents per share between January 2023 and the deal’s close, as well as a $50 million breakup fee increase to $400 million and a $2.50 per share payment when the deal is approved. Frontier rose 2.7%, while JetBlue edged lower by 0.3%.

Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC), Wells Fargo (WFC) – These banks raised their dividends after passing their annual stress tests, but JPMorgan Chase (JPM) and Citigroup (C) kept their payouts flat. Morgan Stanley gained 3.3% in premarket action, Goldman rose 1.7%, Bank of America added 1.1% and Wells Fargo gained 0.7%.

Occidental Petroleum (OXY) – Occidental Petroleum gained 4% in premarket trading after Berkshire Hathaway (BRK.B) revealed additional purchases of Occidental Petroleum shares, increasing its stake to 16.4%.

Robinhood Markets (HOOD) – Robinhood fell 3.7% in premarket action after FTX CEO Sam Bankman-Fried threw cold water on a Bloomberg report that FTX might be interested in buying the trading platform company. Bankman-Fried told CNBC that although he is impressed by Robinhood and has been excited about potential partnerships, there are no active M&A talks taking place.

Jefferies Financial (JEF) – Jefferies slid 4.4% in the premarket after quarterly profit fell short of analysts’ forecasts, although the investment firm’s revenue did exceed estimates. Revenue was down 30% from a year ago amid what Jefferies calls a “challenging” capital markets environment.

Las Vegas Sands (LVS), Wynn Resorts (WYNN) – Shares of the casino operators moved higher in the premarket as China eased Covid-19 quarantine rules for international arrivals. Las Vegas Sands rallied 6.3%, while Wynn Resorts jumped 6.5%.

Playtika (PLTK) – The Israel-based mobile game developer saw its shares rise 3.2% in premarket trading following an Axios report that Joffre Capital was buying a majority stake.

Roivant Sciences (ROIV) – Shares of the biopharmaceutical company jumped 7.9% in the premarket after it unveiled a new biotech company called Priovant Therapeutics in partnership with Pfizer (PFE). Pfizer will hold a 25% stake in Priovant, which will focus on novel therapies for autoimmune diseases.

Snowflake (SNOW) – Snowflake gained 3.4% in premarket action after Jefferies upgraded the cloud computing company’s stock to “buy” from “hold.” Jefferies likes Snowflake’s growth potential and noted its “rock…