Using TipRanks’ Top Stock Gainers/Losers tool, we have compiled a list of Tuesday’s biggest pre-market stock movers, which is as follows:
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Five Biggest Movers
Avid Technology Inc. (NASDAQ:AVID) topped the list on Tuesday, with its stock up almost 9% at the time of writing. The jump follows the announcement that the Massachusetts-based company is joining the S&P SmallCap 600 index, starting September 1. When a new stock is added to an index, all exchange-traded funds tracking that index invest in it.
Shares of outdoor cooking products manufacturer Weber Inc. (NYSE:WEBR) were trading 7.4% higher in Tuesday’s early trade after closing 5.6% up on Monday. While there is no company-specific news explaining the upswing, the stock seems to have surged due to the recent meme-stock frenzy.
Next on the list is China-headquartered educational services provider New Oriental Education & Tech Group Inc. (NYSE:EDU), which gained 6.4% before the bell. The stock has been on the rise after the Chinese government increased its economic stimulus package by one trillion Chinese yuan (or $146 billion) last week.
Another Chinese company, TAL Education Group (NYSE:TAL) was trading 6.4% up in the pre-market session on Tuesday. The upside seems to come on the back of a preliminary agreement between the U.S. and Chinese financial regulators over a long-standing auditing dispute surrounding Hong Kong and China-based companies trading in the U.S. According to analysts at Goldman Sachs (NYSE:GS), the agreement reduces the chances of Chinese stocks getting delisted from the U.S. to 50% from 95%.
Finally, shares of Spirit AeroSystems Holdings, Inc. (NYSE:SPR), a manufacturer of aerostructures, climbed 6.2% before the market opened. The stock gained on the news that United Parcel Service (NYSE:UPS) ordered eight of Boeing’s (NYSE:BA) 767 freighter jets. Since Spirit AeroSystems produces the forward fuselage structure of these jets, the $1.7 billion deal means additional work for the company that is based in Wichita, Kansas.
Continue to watch this space for possible volatility upon the market open. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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