Premarket movers:
Magnificent 7 stocks are all higher (Nvidia +2.4%, Amazon +1.8%, Alphabet +2%, Tesla +1.3%, Meta +1.3%, Microsoft +1.2%, Apple +0.8%)
US stocks with significant exposure to Argentina are rallying after President Javier Milei posted a strong showing in legislative elections, soothing worries that his economic plans would stall.
US-listed rare earth stocks fell after US Treasury Secretary Scott Bessent said on Sunday that he believed China would delay its rare earth curbs for a year. Rare earth export restrictions were expected to impact supply.
Avidity Biosciences (RNA) soars 43% after Novartis agreed to buy the biotechnology company in a deal valued at $12 billion. Shares in peer Dyne Therapeutics (DYN) jump 36%.
BridgeBio Pharma (BBIO) climbs 10% after reporting positive topline results from its Phase 3 pivotal study of BBP-418 in individuals living with limb-girdle muscular dystrophy type 2I/R9.
Cadence Bank (CADE) rises 2% after agreeing to be bought by Huntington Bancshares Inc. (HBAN) in an all-stock transaction that values Cadence at $7.4 billion. Shares of Huntington are down 4%.
Essential Utilities Inc. (WTRG) climbs 1.9% after American Water Works Co. agreed to buy the company in an all-stock deal valued at about $12 billion
GameStop (GME) rises 7% after the White Houseβs Rapid Response 47 account reposted a statement from the company on X that declared the so-called βconsole warsβ over.
Grindr (GRND) is up 2% and set to extend Fridayβs 19% rally after the dating app confirmed the special committee of its board received a non-binding, unsolicited take-private proposal from large shareholders Ray Zage and James Lu for $18 per share in cash.
Keurig Dr Pepper Inc. (KDP) gains 6% after raising its full-year net sales outlook, as focus turns to its acquisition of JDE Peetβs NV.
Zenas Biopharma (ZBIO) soars 56% after the drug developer said a mid-stage trial of its investigative therapy for multiple sclerosis met its primary endpoint.
(Source: BBG)
https://nitter.poast.org/zerohedge/status/1982781911404532047#m
