Pre-Market Movers & News

On Wednesday, JetBlue Airways made a $3.6 billion proposal for the low-cost carrier, which caught most investors off back, with experts questioning the merits of a merger between the two carriers. According to Raymond James analysts, because both carriers’ fleets are dominated by Airbus SE, any potential cost savings from the merger will be mitigated because JetBlue would need to raise the pay of Spirit pilots, who are on a lower band. JetBlue announced an unsolicited $3.6 billion bid for Spirit on Tuesday, at $33 per share, potentially delaying a $2.7 billion merger between Spirit and Frontier Group Holdings Inc.

Yesterday, we learnt Elon Musk will join Twitter’s board of directors, a day after revealing that he’d become the social media platform’s largest shareholder with a 9 percent stake, sending the stock slightly negative for the first time in two sessions. Musk’s SEC disclosure for the investment was modified from passive to “Active” investor after the market closed yesterday. The billionaire has repeatedly attacked Twitter’s commitment to free expression. He’s also had issues on the site as Tesla’s CEO, after financial regulators discovered he had posted misleading information about the firm. In the coming months, Twitter will also begin testing a new edit feature.

Rivian Automotive stated that it is on track to meet its 25,000-vehicle manufacturing target this year. In addition, stated that it produced 2,553 automobiles and delivered 1,227 vehicles in Q1. Last month, the business stated that supply-chain difficulties could decrease 2022 output by half, to 25,000 vehicles.

Tilray Brands announced that its wholly-owned Manitoba Harvest subsidiary has entered into an exclusive relationship with Whole Foods Market to sell hemp supplements in locations across the United States beginning this month. The company announced better-than-expected quarterly results, with GAAP EPS of $0.09 above expectations by $0.17 and revenue of $151.87 million falling short by $4.77 million.