Take a look at some of the biggest movers in the premarket:
Illumina (ILMN) – Illumina issued preliminary current-quarter and full-year guidance that exceeded current analyst estimates. The life sciences company said its projected results are being driven by record orders in its gene-sequencing and related businesses. Illumina jumped 9.2% in premarket action.
Cara Therapeutics (CARA) – Cara Therapeutics shares surged 11.4% premarket following news that the biopharmaceutical company's stock will be added to the S&P SmallCap 600 index, effective on Wednesday.
Snap (SNAP) – Snap shares gained 1.5% in premarket action following an upgrade at Atlantic Equities, which now rates the Snapchat parent's stock at "overweight" vs. the prior "neutral." The firm cites valuation as a key factor, as well as Snap's transformation from a messaging-centric platform to a broad content platform.
Mudrick Capital Acquisition (MUDS) – The special purpose acquisition company is taking Topps – best known for baseball cards and Bazooka gum – public in a merger that values the company at $1.3 billion. Topps chairman and former Disney CEO Michael Eisner will roll his entire stake into the new company. Mudrick soared 18.5% in premarket trading.
Credit Suisse (CS) – The bank will take a $4.7 billion hit from its dealings with hedge fund Archegos Capital Management, and has announced the departure of Chief Risk Officer Lara Warner and investment banking head Brian Chin. Credit Suisse also launched an investigation into the Archegos-related losses.
Moderna (MRNA) – Moderna struck an agreement with contract manufacturer Catalent (CTLT) to nearly double output of Moderna's Covid-19 vaccine at Catalent's Bloomington, Indiana, plant, according to The Wall Street Journal.
Phillips 66 (PSX) – The energy producer said it will report a larger-than-expected first-quarter loss, stemming from the severe winter weather in central and southern U.S. states that crippled its Gulf Coast petrochemical operations. Phillips fell 1.3% in premarket trading.
Southwest Airlines (LUV) - Southwest recalled 209 pilots from voluntary leave, with plans to return them to active duty on June 1. The move comes in anticipation of a summer rebound in travel demand.
Tesla (TSLA) – Tesla stock is only worth $150 per share, according to Roth Capital senior research analyst Craig Irwin. Irwin called Tesla only a "minor player" in the U.S. and European markets, telling CNBC that people wrongly assume that Tesla has no competition.
Niu Technologies (NIU) – The Beijing-based company reported sales of 149,649 e-scooter sales during its first quarter, compared to 40,160 in the year-ago quarter. Niu Technologies shares rose 1% in premarket trading.
BlackRock (BLK) – Credit Suisse named the asset management firm a "top pick," saying it expects "robust organic growth" from BlackRock stemming from an attractive business mix.
GameStop (GME) – The videogame retailer's stock is down 1% in premarket trading after a volatile session Monday following news that GameStop planned to issue up to 3.5 million shares.
Signet Jewelers (SIG) – The jewelry retailer announced a deal to buy jewelry subscription services Rocksbox for an undisclosed amount.