Stock futures declined and bank stocks slumped Monday after reports said the U.S.-based hedge fund Archegos Capital defaulted on margin calls.
Here are some of the top movers during premarket trading on Monday.
1. ViacomCBS VIACA | Down 4.3%
Shares of ViacomCBS (VIACA) were lower after the media and entertainment company's stock last week slumped amid forced liquidation of positions reportedly linked to Bill Hwang’s hedge fund Archegos Capital Management.
2. Bluebird Bio BLUE | Up 6.3%
Shares of Bluebird Bio (BLUE) rose after the U.S. Food and Drug Administration cleared for marketing a multiple myeloma therapy, ide-cel, to treat a certain type of blood cancer. The drug is developed by the gene-therapy biotechnology company and Bristol-Myers Squibb (BMY) . The clearance sparked price-target upgrades on Bluebird from Wall Street investment firms including Mizuho Securities.
3. Discovery DISCA | Down 1.7%
Shares of Discovery (DISCA) were lower after the stock last week declined due to a reported default on margin calls by hedge fund Archegos Capital Management.
4. Tencent Music TME | Up 5.7%
The U.S.-listed shares of Tencent Music (TME) were higher after the company said it planned to buy back $1 billion of shares. The company lost a third of its value last week amid a selloff in Chinese technology stocks.
“The share repurchase Program is a strong indication of the board’s confidence in the company’s business outlook and long-term strategy, and we believe it will ultimately benefit [Tencent Music Entertainment] and create value for its shareholders,” Chairman Tong Tao San said in a statement.
5. Bilibili BILI | Up 2.2%
The U.S. listed shares of online streaming site Bilibili (BILI) moved up even after the stock made a weak debut on its first day of trading in Hong Kong.
The Chinese technology firm ended the day at HK$780 after falling as low as HK$753, down from an issue price of HK$808.