Stocks making the biggest moves in the premarket: Nio, Veru, Sailpoint Technologies and more

Peter Schacknow@PETERSCHACK

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

Nio (NIO) – The China-based electric carmaker’s shares slumped 8.4% in premarket action after it suspended production due to Covid-19 related supply chain disruptions.

Veru (VERU) – The drugmaker’s shares surged 24.8% in the premarket after it reported “overwhelming” evidence of efficacy for its experimental drug for treating hospitalized Covid-19 patients. It will meet with the Food and Drug Administration to seek emergency use authorization for the treatment.

Sailpoint Technologies (SAIL) – The cybersecurity company’s shares soared 29.5% in premarket trading after it agreed to be acquired by private-equity firm Thoma Bravo for $6.9 billion or $65.25 per share.

Twitter (TWTR) – Twitter fell 1.5% in the premarket following the announcement that Elon Musk will not be joining Twitter’s board. Musk revealed a 9.2% stake last week, followed by news that he would be joining the board. Neither side gave a reason for the reversal.

Shopify (SHOP) – The e-commerce platform company’s stock added 1.1% in the premarket after it proposed a 10-for-1 stock split, as well as the creation of a new “founder share” that would increase CEO Tobi Lutke’s voting power to 40% from the current 34%.

AT&T (T) – AT&T added 1.9% in the premarket after completing the spin-off of its WarnerMedia unit to Discovery Communications late Friday, with the stock of the newly combined Warner Brothers Discovery (WBD) set to begin trading today under its new name and ticker symbol. Separately, Deutsche Bank named Warner Brothers Discovery a “top pick” given its robust entertainment content.

Nvidia (NVDA) – The graphics chipmaker’s stock slid 3% in premarket action, following the announcement that it would seek shareholder approval to double the number of authorized shares. That would give Nvidia the flexibility to take actions like stock splits and issuing equity incentives without a further shareholder vote.

Lowe’s (LOW) – Lowe’s fell 1% in the premarket after announcing the departure of David Denton as chief financial officer. Denton is leaving the home improvement retailer to take the same job at drugmaker Pfizer (PFE). He’ll be replaced by Senior Vice President Brandon Sink effective April 30.

JetBlue (JBLU) – The airline is cutting back its summer schedule in an effort to avoid flight disruptions, while working to ramp up hiring. JetBlue added 1% in premarket trading.