The stock market continues to be volatile, but has been trending upward over the past several weeks. Some stocks are continuing to make big moves this morning, including global blood-therapy company Global Blood Therapeutics (GBT), which announced positive results from clinical trials on its first two products this morning, and Palantir Technologies (PALX), which has seen its share price soar more than 80% since it went public in December 2015. Here are the biggest pre-market movers you need to know about today.
PLTR – Palantir The data analytics company disclosed an unexpected quarterly loss and cut its full-year outlook due to the aforementioned uncertain timing of some government contracts, which caused the stock to plummet 15.6 percent in premarket trade.
SGFY: Signify Health According to persons familiar with the situation who talked to The Wall Street Journal, CVS Health (CVS) intends to make a bid for Signify in an effort to increase the number of in-home health services it offers. The newspaper had previously stated that Signify was looking at various strategic options, including a sale. In the premarket, the stock rose 16.7%.
Pfizer (PFE) will purchase Global Blood Therapeutics (GBT), a producer of medications for blood disorders, for $5.4 billion, or $68.50 per share in cash. Following news that a deal was imminent, shares of Global Blood shot up 88 percent during the previous two sessions and increased by 4.2 percent in the premarket.
Tyson Foods (TSN) announced a quarterly profit of $1.94 per share, 4 cents per share less than forecasts. However, because beef demand remained robust, revenue exceeded expectations. Despite a 2.1% decline in chicken volume, Tyson reported that business is still improving. In premarket trading, Tyson stock fell 2.5%.
GOLD) – Barrick Gold Shares of the mining company rose 3.2 percent in premarket trade as a result of better-than-anticipated quarterly results, which were aided by increased copper production.
Google (BIDU) – The Chinese search engine company received the first government authorization in the nation to run autonomous taxi services in two Chinese cities. In premarket trading, Baidu increased by 1.2 percent.
First Solar (FSLR) has been raised to “buy” at Guggenheim and to “overweight” at J.P. Morgan Securities. Both firms believe that First Solar is one of the companies that will profit the most from the Inflation Reduction Act, which was enacted by the Senate. In premarket trading, First Solar rose 4.2 percent, and other solar stocks also rose.
EMR – Emerson Electric Whirlpool (WHR), a manufacturer of appliances, will purchase the manufacturing company’s InSinkErator waste disposal division for $3 billion.
Avalara (AVLR) – Vista Partners, a private equity firm, has agreed to buy the tax software provider for $8.4 billion, including debt, or $93.50 per share. Avalara dropped 4% in the premarket despite having increased 30% since news of a prospective merger first broke in early July.