Hot Stocks: SAVE rises on JBLU tender; MNDY falls on guidance; RTLR merger with FANG; NFLX upgrade
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Merger news represented a notable catalyst in Monday's pre-market action. This included the ongoing saga of Spirit Airlines (NYSE:SAVE), which rallied before the bell on news that JetBlue (NASDAQ:JBLU) has launched a tender offer for the company.
Rattler Midstream (RTLR) also saw pre-market gains, after the company reached a friendly merger deal with Diamondback Energy (FANG).
In other news, Netflix (NFLX) edged higher on an analyst's upgrade. Meanwhile, Monday.com (MNDY) dropped, as investors worried about guidance included in the firm's quarterly earnings release.
Gainers
Spirit Airlines (SAVE) saw massive buying interest in pre-market trading after JetBlue (JBLU) took its bid for the airline hostile. Shares rose 17% as JBLU announced a tender offer to purchase SAVE for $30 per share.
Previously, JBLU had offered $33 per share, but SAVE rejected the bid on regulatory worries. Instead, SAVE has repeatedly backed its merger deal with Frontier Air Group (ULCC). 
M&A headlines also spurred pre-market gains in Rattler Midstream (RTLR). The company revealed an agreement to be purchased by Diamondback Energy (FANG).
Under the all-stock deal, each RTLR unit will be exchanged for 0.113 shares of FANG. Bolstered by the merger agreement, RTLR advanced nearly 13% before the opening bell. FANG dipped about 2%.
Netflix (NFLX) received a bid in pre-market action, thanks to a bullish comment from Wedbush. The firm upgraded the streaming video service to Outperform from Neutral, citing the potential that the company would beat its Q2 expectations.
"While it is possible that the company will once again issue downbeat guidance for Q3, we think that the staggered release date for Stranger Things will reduce churn, and once again, we think that Netflix is positioned to grow," according to analyst Michael Pachter. The stock rose 2% in pre-market action.
Decliner
A disappointing forecast put pressure on Monday.com (MNDY). The maker of work management software topped projections with its Q1 results but issued a full-year revenue forecast that pointed to slowing growth.
In Q1, MNDY reported a top-line expansion of 84%. For the full year, the company targeted revenue growth of 58%-60%. Based on the prediction, shares dipped about 7% in pre-market action.

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