Stocks making the biggest moves premarket: SATS, HOOD, APP, BABA
Check out the companies making headlines before the bell. Robinhood , AppLovin — The stock trading app and advertising technology company both surged 8% after S & P Global said the two will join the S & P 500 index , effective before trading opens Sept. 22. Passive index funds must buy shares of companies added to benchmark indexes in order to mirror their performance. Robinhood will replace Caesars Entertainment , while AppLovin replaces MarketAxess Holdings . Nutanix , TransUnion — Cloud software stock Nutanix climbed 3% after S & P Global added it to the S & P MidCapp 400 index, replacing Acadia Healthcare in the S & P MidCap 400. Consumer credit reporting agency TransUnion gained 2% after being added to the Midcap 400 to replace ManpowerGroup . Summit Therapeutics — The biopharmaceutical company plunged 21% after results from a Phase 3 trial showed Summit’s lung cancer drug, ivonescimab, resulted in fewer improvements in European and North American patients compared to their Chinese counterparts. Gold miners — Gold miners rose after the Financial Times reported that Tether, the world’s largest stablecoin company, held talks to invest in gold mining. The FT said Tether is eyeing investing in the entire gold supply chain, citing four people familiar with recent talks. Harmony Gold Mining added 5%, Hecla Mining and Gold Fields climbed 4%, Anglogold Ashanti rose 3% and Coeur Mining advanced 2%. Tesla — The electric vehicle maker edged up 1% in the wake of CEO Elon Musk’s new proposed pay package . The new pay plan, worth about $975 billion, would award Musk more than 423 million additional shares. Canada Goose — The winter coat manufacturer popped 4% after TD Cowen upgraded its investment opinion to buy. As catalysts, analyst Oliver Chen cited the brand’s move to year-round lifestyle outerwear product alongside recent modernization efforts to cultivate a more “culturally relevant creative vision.” Chewy — The pet supplies e-commerce retailer moved up 3% following an upgrade to outperform from neutral at Mizuho. The bank anticipates strong results and raised guidance when Chewy reports financial results on Wednesday. EchoStar — Shares of the telecommunications company surged nearly 23% after it agreed to sell spectrum licenses to SpaceX for about $17 billion, or up to $8.5 billion in cash and up to $8.5 billion in stock. Fellow telecommunications stocks fell on the news, with T-Mobile , AT & T and Verizon shedding 4%. AST SpaceMobile slumped 13%. Veeva Systems — Shares of the cloud solutions stock added 2% on after JPMorgan upgraded its rating to overweight from neutral. JPMorgan said it is optimistic on Veeva’s ability to win market share in the life sciences sector. Alibaba — The Chinese e-commerce company climbed 4% after leading a $100 million funding round for Chinese humanoid startup X Square Robot . X Square Chief Operating Officer Yang Qian told CNBC the deal brings Alibaba’s total investment in X Square to about 2 billion yuan, or $280 million. — CNBC’s Sean Conlon, Michelle Fox and Alex Harring contributed reporting.