Stocks making the biggest moves premarket: Eli Lilly, General Motors, Shopify
Find out which businesses are moving the markets in pre-market trading.
— Eli Lilly’s stock gained 2% following a recommendation from a committee of FDA consultants for the authorization of its Alzheimer’s medication, donanemab.
— The vehicle manufacturer’s stocks increased by over 1% as its board approved a $6 billion share repurchase scheme.
— The online retail giant’s shares climbed around 1% after JPMorgan commenced coverage with a recommendation to buy more. The brokerage firm advised its clients that Shopify’s recent stock decline presents a lucrative buying opportunity.
— Apple’s shares dropped slightly less than 1% following the company’s Worldwide Developers Conference, during which it unveiled its artificial intelligence endeavors, known as Apple Intelligence. The tech giant also declared its plans to leverage OpenAI’s ChatGPT through Siri.
— DXC Technology’s shares surged 3% on the news of a joint bid by Apollo Global and Kyndryl Holdings. The prospective deal for the IT firm reportedly ranges from $22 to $25 per share.
— GameStop shares fell 1% in pre-market trading amid continued volatility. The gaming retail giant’s shares dropped around 12% on Monday, continuing a downtrend prompted by an unexpected earnings announcement and the return of meme stock icon Keith Gill to live streaming.
— The company’s shares sprinted 15% forward, exceeding its recent quarterly forecasts. Calavo Growers reported Q2 earnings of 50 cents per share and revenue of $184.4 million, outperforming FactSet’s consensus estimates. CEO Lee Cole attributed the robust results to enhanced pricing and margins in their core avocado and tomato businesses, as well as in their guacamole unit.
