Check out the companies making headlines before the bell.
Xpeng:In the premarket session, shares of Xpeng, the Chinese electric vehicle manufacturer listed on U.S. exchanges, experienced a notable uptick of 5%. This surge can be attributed to Xpeng's recent announcement of its acquisition of Didi's smart electric car business. The transaction, valued at $744 million, has garnered attention for its strategic implications.
3M: 3M witnessed a substantial surge of over 5% in its share value. The company has reportedly reached a preliminary agreement to settle a substantial volume of lawsuits, surpassing 330,000 in number, related to its defective earplugs. As outlined in the report, 3M is expected to allocate more than $5.5 billion towards this settlement.
Mister Car Wash:Premarket trading witnessed a noteworthy ascent of 5.7% in the shares of Mister Car Wash, attributed to an upgraded assessment from Piper Sandler. The firm's transition from a neutral to an overweight rating is rooted in its projection of favorable growth prospects for Mister Car Wash over the next two years, underlining the stock's upward potential.
CrowdStrike:In contrast, premarket trading for CrowdStrike, a prominent cybersecurity entity, registered a decline of 2.6%. This was prompted by a downgrade from Morgan Stanley, which shifted the stock's rating from overweight to equal weight. Morgan Stanley cautioned investors in a client advisory that CrowdStrike's impending earnings report might indicate a slowdown in revenue growth.
Akero Therapeutics:Akero Therapeutics, a biotechnology firm, recorded a modest gain of 2.2% in its share value. This increase followed an initiatory buy rating from UBS, accompanied by a price target suggesting substantial future appreciation. UBS's assessment highlights Akero's treatment for non-alcoholic steatohepatitis as a potentially undervalued market opportunity, estimated to be worth more than $20 billion.
Chinese Stocks - Alibaba and JD.com:Chinese stocks, represented by Alibaba and JD.com, demonstrated gains of 1.3% and 1.6%, respectively. These upward movements were propelled by a recent announcement from the Chinese government regarding a reduction in trading taxes and other measures designed to bolster the performance of the domestic stock market.
RPT Realty:RPT Realty, a real estate investment trust, experienced a remarkable surge exceeding 11% in response to news of its impending acquisition by Kimco Realty. The all-stock transaction, valued at $2 billion, is anticipated to conclude in early 2024. In an official statement, Kimco CEO Conor Flynn emphasized the alignment of RPT's portfolio with their strategic markets as a pivotal factor in this decision.
Abcam:Abcam, a supplier of protein consumables, witnessed a decline of over 3% in its share value subsequent to the announcement of its acquisition by Danaher. This transaction, valued at approximately $5.7 billion, instigated a nuanced market response, with Danaher's shares experiencing a more modest uptick of less than 1%.
Boston Scientific:Boston Scientific emerged as a notable frontrunner with a remarkable surge of 5.5% following the disclosure of positive results from its treatment targeting patients with atrial fibrillation. The medical device manufacturer's innovative approach to addressing abnormal heartbeats garnered substantial attention and investor interest.
As a leading independent research provider, TradeAlgo keeps you connected from anywhere.