Premarket start of a holiday-shortened week saw U.S. futures fall Monday, consolidating ahead of inflation data and Fed speakers.
Top Gainers
Masimo (NASDAQ:MASI) shares jumped 13% after the Wall Street Journal reported that activist investor Politan Capital Management will propose two more board members. Masimo aims to split off its consumer segment.
Walt Disney (NYSE:DIS) shares jumped 1.2% after a spokeswoman distanced the firm from activist investor Nelson Peltz’s comments that he shouldn’t be on Disney’s board since the company makes movies with mostly female and Black stars.
Top losers
United Airlines (NASDAQ:UAL) stock declined 3.3% after the FAA increased its control of the airline after a string of safety problems.
After Mizuho downgraded Tesla (NASDAQ:TSLA) to ‘hold’ from ‘buy’, the EV manufacturer slumped 1.4% as it struggles with weak demand and intense competition in the key Chinese market.
BioNTech (NASDAQ:BNTX) stock declined 0.8% after the National Institutes of Health warned the German drug producer about COVID-19 vaccine royalties and other payments.
After EU antitrust officials initiated investigations against Apple (NASDAQ:AAPL), Meta Platforms (NASDAQ:META), and Alphabet (NASDAQ:GOOGL) for alleged Digital Markets Act violations, their stocks plummeted by about 0.5%. The businesses might face large fines.
After agreeing to purchase Cardior Pharmaceuticals for €1.1 billion to enhance its cardiovascular pipeline, Novo Nordisk (NYSE:NVO) stock dipped 0.1%.
The Financial Times stated that China might prohibit the use of Intel (NASDAQ:INTC) and AMD (NASDAQ:AMD) processors and servers in government systems, which may hurt sales.
Stocks in focus
Digital World Acquisition (DWAC) shares surged by over 8% after shareholders approved its merger with Trump’s media and technology company. Trump will own a significant stake in the combined entity, valued at around $3B, based on DWAC’s stock price, which has doubled this year.
Aurora Cannabis (ACB) shares rose over 6% following an agreement to settle revenue decline claims and the successful passage of Germany’s cannabis legalization bill, which cleared its final hurdle, contributing to the stock’s rise.
Forge Global Holdings shares rose 24% before Q4 earnings, with analysts expecting a 29% increase in EPS and a consensus revenue of $19.24M. The company recently released Forge Pro, a trade order management system for institutional investors trading in private company securities, marking a significant milestone.
Masimo’s shares rose 12% following its announcement to separate its consumer business, including consumer audio and health products, to boost healthcare profitability. Activist investor Politan Capital Management, currently holding two seats on Masimo’s board, is planning a proxy fight to secure more seats.
Boeing’s shares rose by over 3% following the announcement of CEO Dave Calhoun’s resignation at the end of 2024, though he will continue to lead the company throughout the year. Additionally, Stan Deal, the Head of Boeing Commercial Airplanes, will retire.
MNC Capital raised its bid to acquire Vista Outdoor to $3B, offering $37.50 per share, a 16% increase from the previous bid of $35 per share. Vista Outdoor, however, maintains that a planned breakup would create more value for shareholders. The proposed breakup involves selling the ammunition business to CSG for $1.9B, pending approval from the Committee on Foreign Investment in the US. Additionally, Vista Outdoor’s segment Revelyst acquired PinSeeker, a leading simulator off-course golf and connectivity app.
Must read book about investing – check here Baidu’s shares rose over 4% in pre-market trading after Apple reported preliminary talks with the Chinese internet giant to use its AI technology in its devices. Apple is exploring using external partners to accelerate its AI goals. Baidu released five new versions of its AI model Ernie and an enhanced development toolkit for enterprisesPremarket Winners and Losers Premarket Winners and LosersPremarket Winners Premarket Winners PPremarket Winnersremarket Winners Premarket Winners Premarket Winners Premarket Winners
3M (MMM) rose over 7% pre-market. The industrial conglomerate’s appointment of former L3Harris Technologies (LHX) CEO William Brown as its new CEO, starting May 1, appeared to please investors. Brown will succeed Michael Roman as 3M’s (MMM) executive chairman. Brown was Harris Corp’s CEO before its 2019 merger with L3 Technologies. After becoming CEO of the merged firm, he was executive chair from June 2019 until June 2022. Roman was 3M’s (MMM) CEO since July 2018.
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