Market IOnsider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Concho Resources, Halliburton, AstraZeneca & more
Take a look at some of the biggest movers in the premarket:
Concho Resources (CXO) – ConocoPhillips (COP) will buy its rival energy producer in an all-stock transaction valued at $9.7 billion. Concho shareholders will receive 1.46 ConocoPhillips shares for every share they now own. CNBC’s David Faber had reported last week that the two sides were in late-stage talks about a possible deal.
Halliburton (HAL) – The oilfield services company earned 11 cents per share for its latest quarter, 3 cents a share above estimates. Revenue came in below Wall Street forecasts, however, as lower oil prices impacted demand for the company’s services. Halliburton shares fell slightly in premarket trading as of 7:30 a.m. ET.
AstraZeneca (AZN) – A mass rollout of the Covid-19 vaccine being developed by Oxford University and manufactured by AstraZeneca could take place soon after Christmas, according to a report in London’s Sunday Times quoting National Health Service deputy chief medical officer Jonathan Van-Tam.
Hershey (HSY) – Citi began coverage of the chocolate maker with a “buy” rating. Citi said Hershey’s sales have been pressured by the pandemic, but that it sees significant potential for future growth.
Philips (PHG) – Philips reported better-than-expected third-quarter results, with the Amsterdam-based health technology company seeing increased demand for hospital equipment spurred by the pandemic. The shares added 3% in premarket trading as of 7:30 a.m. ET.
American Airlines (AAL) – American is planning a December return to service for the currently grounded Boeing (BA) 737 Max jet, pending Federal Aviation Administration recertification of the aircraft. American will schedule a daily flight between Miami and New York on the Max from Dec. 29 through Jan. 4.
FedEx (FDX), United Parcel Service (UPS) – FedEx and UPS have told some of their largest shippers that most of their holiday capacity is already spoken for, according to The Wall Street Journal. The shipping crunch has sent retailers on a difficult search for alternatives, with companies like DHL and LaserShip already seeing holiday shipping availability booked months in advance.
Altice USA (ATUS) – The cable operator increased its unsolicited bid for Canadian cable company Cogeco to $8.4 billion from the prior $7.8 billion. It is also offering to sell Cogeco’s Canadian assets to Canadian cable giant Rogers Communications for about $4 billion, which would leave it with all of Cogeco’s U.S. assets.
Kinross Gold (KGC) – The gold mining company is considering selling its North and South American gold mines and moving its primary stock listing to London, according to a report in the Globe and Mail newspaper.
CVS Health (CVS) – CVS is planning to hire 15,000 employees, including more than 10,000 pharmacy technicians, to prepare for a jump in Covid-19 cases over the winter and to have sufficient personnel in place for an eventual vaccine rollout.
Alphabet (GOOGL) – Politico reports that no Democratic state attorneys general are expected to join in an antitrust lawsuit against Alphabet’s Google unit. The suit is expected to be filed this week.
AMC Entertainment (AMC) – The movie theater operator plans to resume operations at theaters in New York State on Oct. 23, meaning it will be operational in 44 of the 45 states in which it operates.
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