Before the bell, see which firms are in the news.
Morphic Holding: Following the announcement that Eli Lilly will purchase the biopharma company for $3.2 billion, the stock saw a jump of almost 75%.
Through the agreement, Eli Lilly will have access to Morphic’s pipeline of future medicines, including those for Crohn’s disease and ulcerative colitis. On the news, shares of Eli Lilly increased by 0.2%.
Following the news on Sunday that the media and entertainment firm had struck an agreement to merge with Skydance Media, shares of Paramount Global saw a 2% increase.
SunEdge — Following Bank of America’s upgrade of shares from underperform to neutral, noting an appealing entry point for investors, the energy company saw a 5% increase in value.
ServiceNow: The downgrade by Guggenheim to sell from neutral caused the cloud computing stock to drop 3% as the analyst expressed uncertainty about ServiceNow’s ability to see growth in its generative artificial intelligence sector.
Domino’s Pizza: Following Baird’s upgrades to an outperform rating, the pizza chain saw a more than 1% increase in premarket trading.
PNC: The regional bank gained 1% on UBS’s upgrade, moving it from neutral to buy. As loan demand recovers, UBS thinks PNC shares have upside potential.
KeyCorp: After UBS downgraded the company from buy to neutral, shares fell 1%. UBS claims that KeyCorp’s shares appear appropriately valued and that the company is currently “out of catalysts.
“Following a Stifel upgrade to buy from hold, Columbia Sportswear’s shares increased by 2.1%. With the growth of outdoor recreation trends, the company sees potential for a positive revenue inflection.
Source (CNBC)