Stock futures rose Tuesday as Wall Street bet that improved vaccine distribution and more fiscal relief from the U.S. government will aid in the economy's recovery.
Here are some of the top movers during premarket trading on Tuesday.
1. CVS Health CVS | Up 1.9%
Shares of CVS (CVS) rose in premarket trading after the pharmacy chain posted fourth-quarter earnings that exceeded analysts' expectations.
CVS reported adjusted earnings of $1.30 a share, down 25% from the same period last year, on revenue of $69.55 billion. Analysts were expecting adjusted net income of $1.24 a share, on sales of $68.7 billion.
CVS said it administered 15 million COVID-19 tests at its 4,800 U.S. locations.
2. BorgWarner BWA | Up 7.4%
Shares of BorgWarner (BWA) rose more than 10% in premarket trading after the auto parts maker agreed to buy German battery maker Akasol for €754 million or $916 million, including debt.
BorgWarner said the deal will expand its electrification portfolio.
3. Southwest Airlines LUV | Up 1.3%
Shares of Southwest (LUV) rose in premarket trading Tuesday after the air carrier saw an improvement in leisure passenger demand and bookings for February.
4. Palantir PLTR | Down 11.5%
Palantir reported a loss of 8 cents a share. Revenue for the quarter was $322 million, higher than analyst expectations of $300.7 million.
In a letter to investors, CEO Alex Karp said the company has “repeatedly turned down opportunities to sell, collect, or mine data,” unlike those “built on advertising dollars.”
5. AMC Entertainment AMC | Up 7%
Shares of AMC Entertainment (AMC) rose 7% on Tuesday as the theater chain continued to garner the attention of investors part of Reddit's online message board WallStreetBets.