Stocks making the biggest premarket moves: KeyCorp, Starbucks, JetBlue, Eli Lilly and more

Here’s a quick rundown on the top companies making waves in premarket trading today:

KeyCorp: The Cleveland-based regional bank saw an 18% jump in shares, courtesy of a minority investment from The Bank of Nova Scotia. The deal secured Scotiabank with a 14.9% stake in KeyCorp’s common stock, in exchange for around $2.8 billion.

Starbucks: The shares of this beloved coffee chain gained 2.2% after the news broke about activist investor Starboard Value acquiring a stake in the company to elevate its stock price.

Eli Lilly: This pharmaceutical firm saw a 1.4% rise in stock following an upgrade to ‘buy’ from ‘hold’ at Deutsche Bank, thanks to Eli Lilly’s recent earnings triumph and its status as a “low beta/high growth” star.

JetBlue Airways: Unfortunately, the shares of this airline fell almost 6% due to their plans to offer $400 million of convertible senior notes, due in 2029.

Hawaiian Electric Industries: This electricity services provider witnessed a sharp 10% drop in stocks after announcing its lack of a funding plan for a massive $1.71 billion Maui windstorm and wildfire settlement.

Robinhood: The online brokerage platform saw a more than 1% jump in shares after an upgrade to overweight from neutral by Piper Sandler. The firm believes Robinhood is set to profit from the ongoing increase in global retail & derivatives trading, and the generational wealth transition from baby boomers to their offspring.

Qualcomm: The chipmaker’s shares took a dip, falling by more than 1% following a downgrade to peer perform from outperform by Wolfe Research, due to Apple’s shift towards using its own internal modem.