SpaceX, Rackspace surge premarket; Edgewise Therapeutics, Huntsman fall
Investing.com - U.S. stock futures were little changed on Tuesday, while oil prices extended recent losses, as investors awaited further details on a preliminary peace agreement between the United States and Iran.
By 08:13 ET (12:13 GMT), the Dow futures contract was mostly flat, S&P 500 futures had slipped by 5 points, or 0.1%, and Nasdaq 100 futures had edged up 0.23%.
Here are some of the biggest premarket U.S. stock movers today:
Artificial intelligence and technology shares remained in focus, while merger activity and healthcare names also generated notable premarket moves.
SpaceX (NASDAQ: SPCX) rose more than 8% in premarket trading, extending gains following the company’s blockbuster IPO. The stock was on track to surpass Amazon in market value and become the world’s fifth-largest company.
Edwards Lifesciences Corp (NYSE: EW) gained 3.6% after the U.S. government released a proposed coverage decision for transcatheter aortic-valve replacement procedures. Analysts said the proposal included several favorable changes, including broader coverage eligibility and reduced procedural requirements.
Edgewise Therapeutics Inc (NASDAQ: EWTX) tumbled 25% after reporting top-line results from its Phase 2 CIRRUS-HCM trial. While the company reported positive data, investors appeared concerned about the competitive landscape for hypertrophic cardiomyopathy treatments and the commercial implications of the results.
Robinhood Markets Inc (NASDAQ: HOOD) rose 2% after the online brokerage announced plans to reduce its workforce by approximately 10%, or about 290 employees, as part of an effort to streamline operations and accelerate product development.
Olin Corporation (NYSE: OLN) surged 6.7% after unveiling an all-stock merger of equals with Huntsman Corporation. The combined company, to be named OlinHuntsman Corporation, is expected to have an enterprise value exceeding $12 billion.
Huntsman Corporation (NYSE: HUN) shares fell 7.2% after the specialty chemicals producer agreed to the merger with Olin. The deal is expected to create a chemicals company with approximately $12.5 billion in annual revenue and more than $400 million in identified cost synergies.
Qualcomm Incorporated (NASDAQ: QCOM) climbed 5.1% after JPMorgan raised its price target on the semiconductor company and placed the shares on Positive Catalyst Watch ahead of its upcoming Investor Day. The bank expects Qualcomm to outline ambitious long-term data center revenue targets.
Rackspace Technology Inc (NASDAQ: RXT) jumped 30% after signing a definitive agreement with AMD for the phased deployment of 30 megawatts of AMD-based artificial intelligence compute infrastructure across Rackspace’s global data center network.
Mobileye Global Inc (NASDAQ: MBLY) advanced 5% after announcing plans to launch a vertically integrated robotaxi business. The autonomous driving technology company said it intends to begin operating a self-driving ride-hailing service in a U.S. city in 2027.
