Take a look at some of the biggest movers in the premarket:
MyoKardia (MYOK) – The biotech company agreed to be bought by Bristol-Myers Squibb (BMY) for $225 per share in cash, or $13.1 billion – a 61% premium to its closing price on Friday. MyoKardia’s lead drug is a treatment for irregular heart rhythms and the acquisition will lessen Bristol-Myers’ dependence on its lineup of cancer drugs.
Eidos Therapeutics (EIDX) – The biotech company announced a merger with BridgeBio Pharma (BBIO), with Eidos shareholders receiving either $73.26 per share in cash or 1.85 shares of BridgeBio Pharma. Eidos had closed Friday at $51.92 per share. The cash payout will be limited to a maximum of $175 million.
DraftKings (DKNG) – The sports betting company announced a public offering of 32 million class “A” shares, half by the company and half by certain selling stockholders. DraftKings will use the proceeds that it receives for general corporate purposes.
AMC Entertainment (AMC), Cinemark (CNK) – AMC and Cinemark are under pressure after rival movie theater operator Cineworld announced the closure of its more than 500 U.S. Regal theaters, as well as its theaters in the U.K., and as movie studios continue to delay major releases. The latest is the new James Bond movie “No Time To Die,” originally scheduled for this past April, then delayed until November and now pushed back to April 2021.
Sony (SNE) – Sony has applied for U.S. approval to continue selling its products to China’s Huawei Technologies. Huawei is one of the biggest customers for Sony’s smartphone image sensors. The U.S. government has been pressuring other countries to stop selling to Huawei, accusing the company of passing data onto the Chinese government.
Walt Disney (DIS) – The company’s Disneyland resort will remain closed for the time being, after California regulators agreed to hear more input from California theme park operators before issuing new reopening guidelines.
Facebook (FB) – Facebook lawyers have prepared a 14-page document designed to rebut calls to break up the social media giant. The document, seen by The Wall Street Journal, said that breaking the company up would defy established law, harm consumers, and cost billions of dollars.
Coca-Cola (KO) – Coca-Cola will discontinue production of its Zico coconut water brand by the end of the year, according to a Coke spokeswoman who spoke to The Wall Street Journal. People familiar with the matter told the paper that some less popular versions of Coke and Diet Coke are also under review.
Navistar (NAV) – Major shareholder Carl Icahn is willing to accept a bid of about $50 per share for the truck maker, according to sources who spoke to the New York Post, but may find himself in a battle with board member Mark Rachesky. Volkswagen’s Traton truck – already Navistar’s biggest shareholder – currently has a $43 per share offer on the table and could increase it when it finishes its due diligence shortly. Rachesky has previously suggested that Navistar is worth about $70 per share.
Regeneron Pharmaceuticals (REGN) – The drugmaker was upgraded to “overweight” from “neutral” at Cantor Fitzgerald, which cites a number of factors including the potential growth of allergic diseases treatment Dupixent.
AT&T (T) – AT&T was downgraded to “underweight” from “sector weight at KeyBanc, which points to expectations of declining DirecTV subscriptions and a drop in average revenue per user.
Starbucks (SBUX) – Oppenheimer named the coffee chain’s stock an “actionable buy idea,” saying a sales rebound is driving earnings power that is underappreciated by investors.
Altice US (ATUS) – Bernstein upgraded the cable operator’s stock to “outperform” from “market perform,” calling it a cheap stock of a solid business led by a “highly incentivized management team.”
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