Futures point higher after Dow, S&P post five straight days of losses
Take a look at some of the biggest movers in the premarket:
Virgin Galactic (SPCE) – Virgin Galactic is delaying its first commercial research space mission after a third-party supplier warned of a potential defect in a component of the flight control system. Virgin Galactic shares slid 3.4% in the premarket.
Dell Technologies (DELL) – Dell added 2.1% in premarket action after Goldman Sachs added the computer maker’s stock to its “Conviction Buy” list. Goldman cited strong cash flow generation and debt paydown plans, among other factors.
TransUnion (TRU) – TransUnion announced a deal to buy closely held information services company Neustar for $3.1 billion in cash. The credit reporting agency expects the deal to close during the fourth quarter.
Viacom (VIAC) – Viacom is planning a revamp of its Paramount Pictures unit, according to people familiar with the matter who spoke to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. Viacom rose 1% in the premarket.
Kansas City Southern (KSU) – Kansas City Southern said the latest takeover bid from Canadian Pacific Railway (CP) is superior to the one it previously agreed to with Canadian National Railway (CNI). Canadian National now has five days to improve its offer, should it choose to do so. Canadian Pacific rallied 2.1% in premarket trading.
Walt Disney (DIS) – Disney will show the remainder of its 2021 movie releases exclusively in theaters, rather than making them simultaneously available on its Disney+ streaming service. Disney’s “Shang-Chi and the Legend of the 10 Rings” topped the weekend box office once again following its record Labor Day weekend performance, with that movie showing exclusively in theaters.
Alibaba (BABA) – Alibaba fell 1.6% in premarket action following a Financial Times report that the Chinese government wants to break up Alipay, the digital payments company owned by Jack Ma’s Ant Group. Alibaba has a one-third stake in Ant Group.
Apple (AAPL) – Epic Games will appeal Friday’s ruling that Apple’s app store was not an illegal monopoly. Epic did win a partial victory in the case, with the judge ruling that Apple must allow developers to include external payment links.
Carlyle Group (CG) – Carlyle is considering a $6 billion sale or initial public offering for packaging company Novolex, according to a Bloomberg report. The private-equity firm bought Novolex for an undisclosed amount in November 2016.
MGM Resorts (MGM) – MGM rose 1.7% in the premarket after Bernstein upgraded the resort operator’s stock to “outperform” from “market perform,” citing its strong presence in the gaming and sports betting industry as well as moves to divest the company’s real estate portfolio.
Pfizer (PFE) – Pfizer’s Covid-19 vaccine – developed in conjunction with German partner BioNTech (BNTX) – could be authorized for use in children aged 5-11 as soon as next month, according to two sources familiar with the situation who spoke to Reuters. Pfizer is expected to have enough study data by then to submit an application for emergency use authorization to the Food and Drug Administration. BioNTech added 1.1% in premarket trading.