Stocks making the biggest moves premarket: Spirit Airlines, Summit Therapeutics, Rivian and more

Get the scoop on the companies making waves in early trading.

Spirit Airlines and JetBlue have been in the spotlight, with Spirit’s shares dropping by over 38% following indications from The Wall Street Journal of the low-cost carrier contemplating bankruptcy. In contrast, JetBlue, which had earlier expressed interest in merging with Spirit, saw its shares climb nearly 6%.

Biopharmaceutical firm Summit Therapeutics saw a rise of more than 9% in its shares following the FDA’s fast track designation to its cancer drug, ivonescimab.

International shipping firm Zim Integrated Shipping Services experienced a decline of over 9% in its shares. This dip came about due to a tentative deal to end the strike at East Coast and Gulf Coast ports, involving U.S. dockworkers and the United States Maritime Alliance. Other global shipping stocks felt the impact too; Maersk endured an over 8% dip before recouping some losses and Hapag-Lloyd experienced a drop of more than 13%.

Shares of electric-vehicle maker Rivian descended by 8% after the company trimmed its yearly production guidance due to material shortages.

Vistra, a burgeoning utility stock, rose 1.8% in early trading, likely to continue its recent surge. The stock has been doing well in 18 of the last 19 trading sessions.

Shares of CVS Health saw an increase of 1.5% as the company reviews its strategy and contemplates a split of its retail pharmacy and insurance units.

Insurance provider Chubb saw a dip of over 1% after Bank of America downgraded its shares from neutral to underperform. The firm’s growth pace was pinpointed as slower than its competitors, despite shares being up by 29% year to date.

SilverCrest Metals experienced a substantial surge of over 13% after the precious metals producer confirmed that Coeur is taking over the company at an inferred stock value of around $1.7 billion.