Stocks making the biggest moves premarket: SBUX, AES, VRNA, UNH
Check out the companies making headlines before the opening bell: Starbucks – Shares of the coffee chain jumped almost 2% after CNBC reported that Starbucks China has drawn bids for a potential stake sale that value the subsidiary at up to $10 billion. While shortlisting could be done in two months, the deal itself likely won’t be completed by the end of this year. AES – The stock jumped nearly 14% following a Bloomberg report that the energy company was exploring a potential sale amid interest from infrastructure investors. Verona Pharma — Shares surged 20% after Merck bought UK-based Verona Pharma in a roughly $10 billion deal to expand its respiratory treatment portfolio. Merck shares ticked slightly higher. UnitedHealth — The health insurer saw shares dipping more than 1% after The Wall Street Journal reported the Justice Department’s criminal healthcare-fraud unit is investigating the company’s Medicare billing practices, citing people familiar with the matter. SolarEdge Technologies — The solar stock fell more than 2% in premarket after Goldman Sachs downgraded the name to neutral from buy, citing general market uncertainty across the residential sector. Mobileye Global — The autonomous driving company’s shares declined nearly 2% after an Intel subsidiary announced it will unload 45 million shares of Mobileye Global in an underwritten secondary public offering. WPP — Shares of the advertising company sank nearly 16% after WPP said there has been a “deterioration in performance” during its second quarter. The company lowered its full-year guidance for revenue, less pass-through costs, and operating profit margin, with both now set to decline year over year. Bloom Energy — The energy stock jumped more than 6% after a JPMorgan upgrade to overweight from neutral. The bank said Bloom Energy could benefit from President Donald Trump’s recently signed tax bill. — CNBC’s Sean Conlon, Michele Fox, Sarah Min and Jesse Pound contributed reporting.
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