Spirit Airlines, Sofi, Carvana Rise Premarket; Twitter, McDonald’s Fall By Investing.com

By Peter Nurse

Investing.com — Stocks in focus in premarket trade on Monday, May 16th. Please refresh for updates.

• Spirit Airlines (NYSE:) stock rose 15% after JetBlue Airways (NASDAQ:), down 1.3%, launched a hostile all-cash takeover bid for its smaller rival days after Spirit turned down an offer from the discount carrier. Frontier Group (NASDAQ:) stock rose 4.7% with Spirit’s board still recommending its offer.

• McDonald’s (NYSE:) stock fell 0.3% after the announced it will sell its business in Russia after 30 years of operations, saying continued ownership is “no longer tenable, nor is it consistent with McDonald’s values.”

• Twitter (NYSE:) stock fell 2.2% after billionaire Elon Musk tweeted over the weekend that the social messaging platform’s legal team accused him of violating a nondisclosure agreement by revealing that the sample size for its checks on automated users.

• SoFi Technologies (NASDAQ:) stock rose 5% after Piper Sandler upgraded its stance on the personal finance company to ‘overweight’ from ‘neutral’, saying the shares can rise sharply as the student loan moratorium clears.

• Carvana (NYSE:) stock rose 12% after the used-car retailer forecast significant core earnings for 2023 while outlining plans to rein in costs.

• Rivian Automotive (NASDAQ:) stock fell 0.7% after auto giant Ford (NYSE:), up 0.4%, sold 7 million shares of the electric carmaker, according to a filing on Friday.

• Ryanair (NASDAQ:) ADRs fell 2.4% after the Irish airline reported a 355 million euro ($370 million) annual loss and warned of a “fragile” recovery on airline passenger numbers.

• Netflix (NASDAQ:) stock rose 2.8% after Wedbush upgraded its stance on the streaming giant to ‘outperform’ from ‘neutral’, with the investment firm, a long-time bear of the stock, saying new content will reduce churn.

• Barclays (NYSE:) ADRs rose 1% after the British bank said it expects to refile financial statements with U.S. regulators by the end of May, paving the way to resume a 1 billion pound ($1.23 billion) buyback program it halted following a trading blunder earlier this year.