Stocks making the biggest moves premarket: GOOGL, GE, MBFI, TSLA, FOXA & more
Alphabet – Alphabet's Google operation was the subject of a piece in last night's episode of "60 Minutes," highlighting the company's power and airing comments from critics who say Google is stifling competition.
General Electric – GE will merge its transportation business with rail industry equipment maker Wabtec, in a deal worth $10 billion net of tax benefits.
MB Financial – The Chicago-based bank operator agreed to be bought by Fifth Third Bancorp in a $4.7 billion cash and stock deal, worth $54.20 per share. That represents a 24 percent premium over Friday's closing price for MB Financial.
Tesla – The automaker is the subject of two recommendation from proxy adviser ISS, which said shareholders should vote against directors Antonio Gracias and James Murdoch, and vote for a proposal to separate the chairman and CEO roles. Both jobs are currently held by Elon Musk. Separately, Berenberg raised its price target on Tesla stock to $500, saying a gross margin above 25 percent for the Model 3 is "comfortably achievable."
21st Century Fox – The company won dismissal of a lawsuit by former Fox News anchor Andrea Tantaros which had accused the company of spying on her in retaliation for sexual harassment accusations.
Envision Healthcare – Envision is a takeover target of a joint effort from hospital operator HCA and private equity firm KKR, according to Reuters. Envision is a provider of services to physicians.
Pinnacle Foods – The food maker has hired Evercore Partners to explore strategic alternatives, according to a New York Post report. The paper notes that Pinnacle has been facing pressure from activist investor Jana Partners to merge with ConAgra Brands.
Middleby – Middleby is buying Taylor Co. from United Technologies for $1 billion in cash. Middleby is best known for commercial kitchen equipment, while Taylor makes ice cream and frozen drink machines.
Xerox — Japan's Fujifilm remains set on buying Xerox despite the cancellation by Xerox of their planned merger deal, according to the Nikkei news service. However, Fujifilm is reportedly refusing to negotiate with major Xerox shareholders Carl Icahn and Darwin Deason.
Athenahealth – The company should hold a formal sale process, according to shareholder Janus Henderson. That firm holds an 11.9 percent stake in the provider of cloud-based medical business services and made its wishes known in a Securities and Exchange Commission filing.
IHS Markit – The financial analytics company is buying Ipreo from private-equity funds managed by Blackstone and Goldman Sachs for $1.855 billion. Ipreo is a provider of financial services solutions and data.
Campbell Soup – The stock was downgraded to "underperform" from "neutral" at Bank of America/Merrill Lynch, based on 2018 being a transition year under an interim CEO who will be initiating an extensive strategic review.
Snap – Snap was upgraded to "neutral" from "sell" at MoffettNathanson, which said the risk/reward profile is now balanced with the stock having fallen by about half since the "sell" recommendation was first made more than a year ago. The firm did call Snap's life as a public company "nothing short of an unmitigated disaster."