Check out the companies making headlines before the bell. Spirit Airlines, JetBlue – Spirit plummeted more than 38% following a Wall Street Journal report that the low-cost carrier was considering filing for bankruptcy. Shares of JetBlue, a fellow airline that had previously been in merger talks with Spirit, rose nearly 6%. Summit Therapeutics – The biopharmaceutical company’s stock rose more than 9% after the Food and Drug Administration granted Fast Track designation to Summit’s cancer drug ivonecimab. Zim Integrated Shipping Services – Shares of the international shipping company fell more than 9% after U.S. longshoremen and the United States Maritime Alliance agreed to a tentative agreement to end port strikes on the East Coast and Gulf Coast of Mexico. The news also weighed on other international shipping stocks. Danish shipping giant Maersk fell more than 8% before paring some of its losses, while German shipping giant Hapag-Lloyd fell more than 13%. Rivian – Shares fell 8% after the electric car maker lowered its annual production forecast from 57,000 to 47,000 to 49,000. Rivian said supply shortages are disrupting production. Vistra – The hot utility stock rose 1.8% in premarket trading, on pace to follow recent gains. Vistra stock has risen in 18 of the past 19 trading sessions. CVS Health – Shares rose 1.5% as the company considers a divestiture and strategic review of its business. CVS is considering splitting its retail pharmacy and insurance divisions as it grapples with higher-than-expected medical costs, particularly in its insurance division. This is a major shift in the company’s long-standing business strategy. Chubb – The insurance company fell more than 1% after Bank of America downgraded the stock from neutral to underperform. The company believes its growth is slower than its peers, although the stock is up 29% since the beginning of the year. Silvercrest Metals — Shares of precious metals maker Silvercrest Metals soared more than 13% after the company announced that Cool Corp. would acquire the company for an implied stock value of about $1.7 billion. —CNBC’s Jesse Pound, Brian Evans, Ha-Kyung Kim, Pia Shin and Michelle Fox Theobald contributed reporting.
Save, SMMT, RIVN, etc.
