Stock futures were mostly lower Thursday, a day after Federal Reserve Chairman Jerome Powell told lawmakers it was too early for the central bank to pull back on economic support even though inflation has been rising more quickly than expected.
Here are some of the top movers during premarket trading on Thursday:
1. American International Group | Up 5.4%
American International Group (AIG) shares jumped after the insurer agreed to sell a 9.9% equity stake in its life and retirement business to New York asset management giant Blackstone (BX) for $2.2 billion cash.
2. Netflix | Up 1.9%
Netflix (NFLX) shares moved higher after a media report said the streaming entertainment group could be moving into the online videogame sector and UBS analysts raised their price target on the shares. Analyst Eric Sheridan added $20 to his Netflix target, taking it to $620 a share, ahead of Netflix's second-quarter-earnings report on July 20.
3. GameStop | Down 6%
GameStop (GME) shares dropped following Netflix's reported plans to move into online gaming. The videogame retailer had been a favorite of retail traders but has been losing ground. Last month, GameStop posted a narrower-than-expected first quarter loss.
4. Morgan Stanley | Down 1.3%
Shares of Morgan Stanley (MS) were down after the investment bank posted stronger-than-expected second-quarter earnings thanks to impressive gains in investment banking and wealth management revenue. Wealth-management inflows surged to $120 billion in the quarter, the bank said, accounting for $6.1 billion of revenue, a 30% increase from a year earlier.
5. Cinedigm | Up 26%
Cinedigm (CIDM) leaped after the film and television producer said fourth-quarter revenue about tripled from a year earlier to $8.3 million. Subscription streaming channel revenue more than doubled (up 117%) and the company reduced total debt to $11.9 million from $49.1 million a year earlier.