GameStop, Seagen and Bed Bath & Beyond Rise Premarket; Kohl’s Falls

By Peter Nurse

Investing.com — Stocks in focus in premarket trade on Thursday, July 7th. Please refresh for updates.

• GameStop (NYSE:GME) stock rose 6% after the video game retailer’s board approved a four-for-one stock split that will make it more affordable for investors to own shares of the meme stock.

• Seagen (NASDAQ:SGEN) stock rose 4.2% after the Wall Street Journal reported that drugmaker Merck (NYSE:MRK), down 1.5%, is in advanced talks to buy the cancer specialist for around $40 billion.

• Bed Bath & Beyond (NASDAQ:BBBY) stock rose 6% following the news that interim CEO Sue Gove and two directors bought stock in the troubled domestic merchandise retailer.

• Shell (LON:RDSa) ADRs rose 0.8% after the U.K.-based energy giant said surging margins from fuel production could have added more than $1 billion to its earnings in last quarter, allowing it to reverse up to $4.5 billion of write-downs it had made during the pandemic.

• Virgin Galactic (NYSE:SPCE) stock rose 4.5% after the space tourism company announced a deal with a subsidiary of Boeing (NYSE:BA), up 0.7%, to build carrier aircraft to support its coming spacecraft fleet.

• Kohl’s (NYSE:KSS) stock fell 1.8% after Bank of America downgraded its stance on the retailer to ‘underperform’ from ‘hold’, citing the termination of takeover talks with Franchise Group (NASDAQ:FRG).