Stocks making the biggest moves premarket: Kellanova, Alphabet, Flutter and more
Catch up with the companies making waves in premarket trading today.
— The foodmaker’s shares soared more than 6% in premarket trading following their agreement to be bought by snack giant Mars for $83.50 per share in cash. This deal values Kellanova at roughly $36 billion. The transaction is projected to finalize in the first half of 2025.
— The tech behemoth’s shares decreased by over 1% following a Bloomberg News report that U.S. regulators are considering a breakup. According to the report, Google’s Chrome browser and Android operating system are the units most likely to be separated if the Justice Department advocates for a breakup.
— Shares for the parent company of FanDuel jumped 6.3% after announcing Q2 revenue that surpassed expectations and escalating its full-year guidance. The sports betting company reported $3.61 billion in the second quarter, beating the StreetAccount consensus forecast of $3.4 billion.
— The restaurant chain known for Chili’s saw its shares decline by 15% as the company reported disappointing Q4 earnings and lower-than-anticipated full-year earnings guidance. Adjusted earnings of $1.61 per share were below the FactSet consensus estimate of $1.72 earnings per share. For fiscal 2025, Brinker predicts earnings per share between $4.35 and $4.75, lower than the estimated $4.78.
— The U.S. shares of this British chip designer rose 1.7% after Intel sold its 1.18 million-share stake. Intel, which is undergoing restructuring and cost-saving efforts, saw a slight rise in shares prior to the bell.
— The healthcare corporation’s shares surged 6.3% after it announced fiscal Q4 results that beat expectations. Cardinal posted $1.84 per share, excluding items, on $59.87 billion in revenue, against a StreetAccount prediction of $1.73 a share and $58.64 billion. The company, which is based in Ohio, also increased its full-year guidance for earnings per share.
— The global coffee chain’s shares dipped about 0.3% in premarket trading, just a day after skyrocketing 24.5% due to the announcement of a CEO change. The shakeup included the elevation of Chipotle’s Brian Niccol to Starbucks’ top post. Several firms, including Deutsche Bank and Stifel, upgraded the stock following this news.
— The natural gas stock saw a modest increase of 1.1% after Wells Fargo upgraded it from equal weight to overweight, following a successful merger and strong earnings reported last month.
— The biotech company’s shares increased 1.5% following an upgrade from hold to buy by TD Cowen. The brokerage firm believes Illumina’s recent management changes and guidance revision could push the stock higher.
