AMD, Levi Strauss, DraftKings and more

News Update - Premarkets

Here are the companies making news ahead of the bell:

Advanced microdevices (AMD) – AMD fell 5.3% in premarket after cutting its sales forecast. The chip maker said it is being hit by a bigger-than-expected decline in the personal computer market.

Levi Strauss (LEVI) – Levi Strauss took a pre-market hit of 5.3% after cutting its full-year sales and profit outlook. The apparel maker is seeing the impact of higher costs, supply chain issues and a stronger US dollar.

CVS Health (CVS) – Shares of CVS fell 5% in premarket trading, following a downgrade of one of its Aetna Medicare Advantage plans in annual ratings issued by the Centers for Medicare and Medicaid Services.

DraftKings (DKNG) – DraftKings jumped 5.6% in premarket action after Bloomberg reported that the sports betting firm is close to a major new partnership with Walt Disneyunit of ESPN (DIS).

Lyft (LYFT) – Lyft fell 2.6% in premarket after RBC downgraded the ride-hailing service’s stock to “sector perform” from “outperform.” RBC said its analysis of driver supply points to a less bullish outlook for Lyft and that competitor Uber (UBER) enjoys “structural advantages” over Lyft.

behind (AMBC) – Municipal bond insurer to receive $1.84 billion to settle lawsuits against bank of america (BAC). The lawsuits stemmed from bond insurance policies that Ambac had provided to Bank of America’s Countrywide credit unit before the 2008 financial crisis. Ambac rose 21.1% in premarket.

Swiss credit (CS) – Credit Suisse rallied 5.6% in premarket after the bank said it would buy back up to $3 billion in debt in a bid to reassure investors about its financial health.

Tilray (TLRY) – The cannabis producer rose 5.4% in premarket trading, despite posting a bigger-than-expected loss and slightly lower-than-expected revenue for its latest quarter. Tilray reaffirmed its full-year forecast and said it had hit nearly all of its cost-savings target. Tilray, Dawn Cannabis (ACB), Canopy Growth Corp (CGC) and Cronos Group (CRON) were among the cannabis stocks that rallied Thursday after President Joe Biden announced pardons for those convicted of federal marijuana possession charges.

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