US Markets
Monday, August 28th, 2023 8:35 am EDT
Check out the companies making headlines before the bell.
Xpeng — U.S.-traded shares of the Chinese electric vehicle company jumped 5% Monday premarket. Xpeng announced it would buy Didi’s smart electric car business in a deal worth $744 million.
3M — Shares rallied more than 5% after Bloomberg News reported the company tentatively agreed to resolve more than 330,000 lawsuits related to its defective earplugs. The company will pay more than $5.5 billion in the settlement, according to the report.
Mister Car Wash — The car wash stock climbed 5.7% in premarket trading following an upgrade to overweight from neutral by Piper Sandler. The firm said Mister Car Wash has upside potential over the next two years.
CrowdStrike — Shares of the cybersecurity company fell 2.6% in premarket trading after Morgan Stanley downgraded CrowdStrike to equal weight from overweight. The investment firm warned in a note to clients that Crowdstrike’s upcoming earnings report could show slowing revenue growth ahead.
Akero Therapeutics — The biotech company’s shares added 2.2% after UBS initiated Akero with a buy rating and a price target that implies sharp gains ahead. UBS thinks the company’s treatment for nonalcoholic steatohepatitis could create an underappreciated market opportunity worth more than $20 billion.
Chinese stocks — Alibaba and JD.com rose 1.3% and 1.6%, respectively, after the Chinese government said it would reduce a tax on trading, among other measures, to boost its stock market.
RPT Realty — Shares of the real estate investment trust rallied more than 11% on news RPT is being acquired by Kimco Realty for $2 billion in stock. The deal is expected to close in early 2024. “Approximately 70% of RPT’s portfolio aligns with our key strategic markets,” Kimco CEO Conor Flynn said in a statement.
Abcam — Shares of protein consumables supplier Abcam fell more than 3% after Danaher announced it would acquire the company in a deal valued at around $5.7 billion. Danaher shares gained less than 1%.
Boston Scientific — Boston Scientific jumped 5.5% after the medical device maker announced positive results Sunday for its treatment for patients with atrial fibrillation, or abnormal heartbeats.
— CNBC’s Jesse Pound, Sarah Min and Alexander Harring contributed reporting.
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