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SAN ANSELMO, CALIFORNIA – JUNE 06: In this photo illustration, the Coinbase logo is displayed on a screen on June 06, 2023 in San Anselmo, California. The Securities and Exchange Commission has filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by acting as an exchange, broker and clearing house without registering with the Securities and Exchange Commission. (Photo Illustration by Justin Sullivan/Getty Images)
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Check out the companies making the biggest strides before the bell:
Rivian — Shares rose 6.5% in premarket trading, adding to Monday’s gains after the electric vehicle maker reported 12,640 deliveries in the second quarter. Deliveries were 59% higher than in the previous quarter, beating analyst expectations of 11,000 vehicles, according to StreetAccount.
United Parcel Service — Shares of the logistics and delivery company fell more than 1% in premarket trading as negotiations between UPS and the Teamsters union appeared to be deadlocked. The union said in a statement Wednesday that negotiations had failed after UPS “walked off the table”. UPS in response said it had not run away and encouraged the union to return to the table. The current contract with UPS Teamsters expires at the end of July.
Coin base The crypto services firm fell more than 2% after Piper Sandler cut its stock, saying that despite the recent market rally following the SEC’s lawsuit against Coinbase, the surge in crypto prices has not translated into an increase in trading volume. The company also expects Coinbase to report the lowest trading volumes and monthly transaction users in more than two years for the third quarter.
AstraZeneca The drugmaker climbed almost 3% after falling 8% on Monday when AstraZeneca announced preliminary results from its phase three lung cancer treatment. The company said the overall survival data was “not mature” and the results were not statistically significant, but the trial will continue.
Transocean — Shares of the offshore oil drilling company rose 3.7% after Citi upgraded them to buy them from neutral. “We believe Transocean is well positioned among offshore drilling peers given the sizeable available fleet of idle rigs that will return to service in the coming years,” said Citi.
Hertz — Hertz shares gained more than 1% after Jefferies began covering the car rental company with a buy rating, citing the potential for stronger margins.
American Equity Investment Life Holding — The stock rose more than 2% after the company announced it will be acquired by Brookfield reinsurance for about $4.3 billion. As part of the agreement, each AEL shareholder will receive $55 per AEL share.
Wolf speed — Shares rose more than 17% after the company signed a ten-year supply agreement with Renesas to supply silicon carbide bare and epitaxial waters for $2 billion.
— CNBC’s Tanaya Macheel and Jesse Pound contributed reporting.
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