See 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 about $2.8 billion in cash. Starbucks — Shares of the coffee chain added 2.2% after the Wall Street Journal reported that activist investor Starboard Value had acquired a stake in the chain in an effort to boost its share price. Eli Lilly — The drugmaker added 1.4% after Deutsche Bank upgraded it to buy from hold. The bank cited Eli Lilly’s recent earnings beat and described the stock as a “low beta/high growth” unicorn. JetBlue Airways — Shares fell about 6% after the airline announced plans to offer $400 million in convertible senior notes due in 2029. Hawaiian Electric Industries — The electric utility fell about 10% after Hawaiian Electric Industries said it does not yet have a financing plan to pay off its $1.71 billion Maui windstorm and wildfire settlement. The company also reported a consolidated net loss of $1.30 billion in the second quarter, compared with net income of $55.1 million in the year-ago period, citing goodwill impairment charges. Robinhood — The online brokerage firm rose more than 1% after Piper Sandler upgraded its stock to overweight from neutral. The firm said Robinhood would benefit in the long term from “continued growth in global retail and derivatives” as well as “the transfer of wealth from baby boomers to their children.” Qualcomm — Shares fell more than 1% after Wolfe Research downgraded the chipmaker to outperform from outperform. The firm said Apple’s use of its own in-house modem “will finally have an impact” on Qualcomm, adding that “premium Android is now the norm, and the growth of the Internet of Things … will likely be a tougher sell to investors.” — CNBC’s Fred Imbert, Jesse Pound, Sarah Min and Pia Singh contributed to this report.
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