Stocks making the biggest moves in the premarket: Twitter, Tesla, Starbucks and more

Peter Schacknow@PETERSCHACK

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

Twitter (TWTR) – Twitter shares soared 26.1% in the premarket after a Securities and Exchange Commission filing showed that Tesla CEO Elon Muskhad taken a 9.2% passive stake in Twitter.

Tesla (TSLA) – Tesla delivered just over 310,000 vehicles during the first quarter, a record for the electric vehicle maker but below Wall Street consensus estimates. Tesla gained 1% in premarket trading.

Starbucks (SBUX) – Starbucks has suspended its share repurchase program, in a move it says will allow it to invest in future growth for the coffee chain. The move comes as Howard Schultz returns for a third stint as CEO, replacing the retiring Kevin Johnson. Starbucks fell 2.3% in premarket action

JPMorgan Chase (JPM) – In his annual letter to shareholders, CEO Jamie Dimon said the bank could face a potential loss of $1 billion from its exposure to Russian investments. (JD), Netease (NTES), Alibaba (BABA), Tencent Music (TME) – U.S.-listed China stocks are rallying in premarket trading after China proposed revising confidentiality rules regarding audit oversight. That could remove an obstacle to U.S.-China cooperation and prevent those companies from being delisted in the U.S. jumped 5.1%, Netease rose 3.9%, Alibaba gained 4.3% and Tencent Music added 5.2%.

Hertz (HTZ) – The car rental company announced a new partnership that will see Hertz buy up to 65,000 electric vehicles from electric vehicle maker Polestar over the next five years. Hertz gained 2.3% in the premarket.

Novartis (NVS) – Novartis announced a reorganization of its business units in a move the Swiss drugmaker could save at least $1 billion annually by 2024. The new structure will integrate the drugmaker’s pharmaceuticals and oncology businesses. Novartis rose 1% in premarket trading.

General Motors (GM) – Canada will announce investments today in two GM plants in the country, according to a source who spoke to Reuters. The amount of the investments, which includes support for one plant that will produce electric commercial vehicles, is unknown.

Logitech (LOGI) – Logitech was upgraded to “buy” from “neutral” at Goldman Sachs, which is encouraged by the recent strong financial performance for the maker of computer mice, keyboards and other computer peripheral devices. Logitech jumped 4.3% in the premarket.

Crox (CROX) – The casual shoe maker’s stock slid 1.9% in premarket trading after Loop Capital downgraded it to “hold” from “buy” and slashed the price target to $80 from $150. Loop said investor sentiment on the stock has shifted, putting it in the “COVID winner” category.