Stocks making the biggest moves premarket: APGE, SPCX, ACA
Check out the companies making the biggest moves premarket: Apogee Therapeutics — The biotechnology company soared 50% after AbbVie confirmed it will acquire the company. The $10.9 billion transaction will see AbbVie acquire all outstanding shares of Apogee for $135.11 in cash, a 49% premium compared to Thursday’s close. AbbVie said the acquisition will accelerate its presence in the respiratory space, and its shares were up about 1%. Arcosa — Shares rose more than 7% after building materials company CRH announced it was acquiring Arcosa for $8.5 billion. The all-cash transaction will value shares of Arcosa at $150, a 10% premium from Thursday’s close. CRH said Arcosa’s construction products business with help complement the company’s existing portfolio. SpaceX — The company was on pace to fall in its sixth trading session on the Nasdaq, as it fell more than 5% in premarket trading. While shares are off roughly 13% since their closing high on Tuesday, they’re still up 30% compared to the stock’s IPO price of $135. Getty Images — Shares surged 150% after the company announced an agreement with OpenAI on Sunday. Getty Images’ content will appear on OpenAI search and ChatGPT. Even with the search, though, Getty’s market cap remains well below $1 billion. Alphabet — The hyperscaler fell nearly 2% after a researcher left Google’s AI laboratory for Anthropic on Friday. Senior research scientist John Jumper’s decision to leave Google DeepMind was just days after vice president of engineering at Google Noam Shazeer announced he was joining OpenAI. Credo Technology — Shares rose more than 3% after Evercore ISI initiated coverage with an outperform rating. Analysts said the stock is currently viewed as a copper-related AI connectivity play, but will increasingly be seen as an optical one too as it executes its product roadmap. Micron Technology — The stock was up 4.5% after it received two price target hikes. Bernstein raised its forecast to $1,300, while Needham hiked its outlook to $1,550. Micron and its memory peers — Seagate Technology, Western Digital and Sandisk — were the best performers on the S & P 500 in premarket trading Monday. Chevron — The energy giant rose more than 1.5% after it announced it will fuel a Microsoft data center in West Texas with natural gas. The 20-year agreement will serve a data center dubbed “Project Kirby,” which is estimated to consume 2.7 gigawatts of electricity. It is expected the data center would start receiving power in 2028.
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