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Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: ArQule, Merck, Canopy Growth, Macy's, 3M & more

Peter Schacknow

Check out the companies making headlines before the bell:

ArQule (ARQL) – The cancer drug maker agreed to be acquired by Merck (MRK) for $20 a share, or about $2.7 billion. That’s more than double ArQule’s Friday closing price of $9.66 per share.
Canopy Growth (CGC) – The cannabis producer named Constellation Brands (STZ) Chief Financial Officer David Klein as its new CEO, effective Jan. 14, 2020. Constellation owns 38% of Canopy Growth, and Klein is already Canopy’s board chairman. Current CEO Mark Zekulin will step down and will resign from the board of directors on Dec. 20.
Macy’s (M) – Goldman Sachs downgraded the retailer’s stock to “sell” from “neutral,” predicting “significant additional downside” to Macy’s retail operations.
Snythorx (THOR) – Synthorx will be bought by French drugmaker Sanofi (SNY) for $2.5 billion in cash. The deal for the California-based biotech firm is worth $68 per share, compared to Friday’s close of $25.03.
Qorvo (QRVO), Skyworks Solutions (SWKS) – Both makers of radio frequency chips received a double upgrade from Bank of America/Merrill Lynch, to “buy” from “underperform.” The upgrades were based on an anticipated surge in demand for chips due to the growth of 5G technology.
3M (MMM) – Citi downgraded 3M to “neutral” from “buy,” pointing to litigation risks related to the group of chemicals known as PFAS.
Truist Financial (TFC) – The merger of equals between BB&T and SunTrust has been completed, with the combined bank renamed Truist Financial and the shares trading on the New York Stock Exchange under the ticker “TFC.”
Spark Therapeutics (ONCE) – Swiss drugmaker Roche has extended its takeover offer for the U.S. biotech firm to Dec. 16. Both U.S. and U.K. officials are still in the process of reviewing the $114.50 per share bid.
Skechers (SKX) – The shoe company should see earnings growth on pace with Nike (NKE), according to an article in Barron’s. The paper points out that despite Skechers shares rising more than 75% this year, it still trades at just 16 times earnings compared to 30 for Nike.
Capital One (COF) – The bank’s shares are priced at a 25% discount to large diversified banks, with a Barron’s article saying the shares have a chance to climb significantly.
Walt Disney (DIS) – Disney’s “Frozen 2” topped the weekend box office for a third straight weekend, taking in $34.7 million in North American ticket sales.
Ericsson (ERIC) – The Swedish telecom company will pay more than $1 billion to resolve U.S. corruption probes, according to the Justice Department. Ericsson CEO Borje Ekholm said some executives in certain markets acted in bad faith, calling the actions completely unacceptable.
PG&E (PCG) – PG&E reached a $13.5 billion settlement with wildfire victims, helping the utility move closer to emerging from bankruptcy. State investigators determined earlier this year that PG&E equipment helped spark several wildfires over the past few years.
Adobe (ADBE) – Adobe is buying 3D virtual reality software Oculus Medium from Facebook (FB) for an undisclosed amount, according to technology website TechCrunch.


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