Check out the companies making the biggest moves in premarket trading: KeyCorp — Shares of the Cleveland-based regional bank jumped 18% after the announcement of a minority investment from The Bank of Nova Scotia. The deal gives Scotiabank 14.9% of KeyCorp’s common stock for roughly $2.8 billion in cash. Starbucks — Shares of the coffee chain added 2.2% after The Wall Street Journal reported activist investor Starboard Value took a stake in the chain in an effort to boost its stock price value. Eli Lilly — The pharma stock added 1.4% following an upgrade at Deutsche Bank to buy from hold. The bank cited Eli Lilly’s recent earnings beat and called the stock a “low beta/high growth” unicorn. JetBlue Airways — Shares tumbled nearly 6% after the airline announced plans to offer $400 million of convertible senior notes due in 2029. Hawaiian Electric Industries — The electric services stock plunged nearly 10% after Hawaiian Electric Industries said it does not yet have a financing plan for the payment of a $1.71 billion Maui windstorm and wildfire settlement. The company also posted a consolidated net loss of $1.30 billion in the second quarter, compared to net income of $55.1 million in the year-ago period, citing a goodwill impairment charge. Robinhood —The online brokerage popped more than 1% on the back of an upgrade to overweight from neutral by Piper Sandler. The firm said Robinhood will benefit in the long haul from “continued growth in global retail & derivatives trading” as well as “the generational wealth transfer from baby boomers to their children.” Qualcomm — Shares were down more than 1% after Wolfe Research downgraded the chipmaker to peer perform from outperform. The firm said Apple using its own internal modem will “will finally have an impact” on Qualcomm, adding that “premium Android has by now normalized, and IOT growth … will likely be a tougher sell to investors.” —CNBC’s Fred Imbert, Jesse Pound, Sarah Min and Pia Singh contributed reporting.
