Check out the companies making headlines before the bell. Morphic Holding — Shares surged more than 75% on news that Eli Lilly will acquire the biopharma company in a $3.2 billion deal . The deal will give Eli Lilly access to Morphic’s portfolio of treatments in development, such as those for ulcerative colitis and Crohn’s disease. Eli Lilly shares inched up 0.2% on the news. Paramount Global — Shares added 2% following a Sunday announcement that the media and entertainment company reached a deal to merge with Skydance Media. SolarEdge — The energy company rose 5% after Bank of America upgraded shares to neutral from underperform, citing an attractive entry point for investors. However, the firm said it is looking for a “more tangible” margin and cash flow recovery. ServiceNow — The cloud-computing stock slipped 3% after Guggenheim downgraded ServiceNow to sell from neutral, expressing doubt that the company will see an uptick in its generative artificial intelligence business. “Our field work indicates this is not likely until 2025, if ever,” said analyst John DiFucci. Domino’s Pizza – The pizza chain rose more than 1% in premarket trading after Baird upgraded the stock to an outperform rating. The Wall Street firm said the company’s strong fundamentals have meaningfully increased investor confidence and conviction. Baird highlighted Domino’s Pizza’s advertising approach, product pipeline, operations, rising penetration and improved relative value proposition. Gilead — Shares of the biotech stock rose more than 2% after an upgrade to outperform from market perform at Raymond James. The investment firm said Gilead has two strong drug candidates in its pipeline that could provide significant revenue growth in the next five years. PNC — The regional bank advanced 1% on an upgrade from UBS to buy from neutral. UBS believes PNC shares have upside potential as loan demand improves. KeyCorp — Shares dropped 1% following a downgrade to neutral from buy by UBS. According to UBS, KeyCorp is “out of catalysts for now” with shares looking fairly valued. Columbia Sportswear — Shares gained 2.1% after a Stifel upgrade to buy from hold. The firm sees potential for a positive revenue inflection as outdoor recreation trends grow. — CNBC’s Sarah Min, Jesse Pound, Michelle Fox and Yun Li contributed reporting.
https://www.cnbc.com/2024/07/08/stocks-making-the-biggest-moves-premarket-paramount-solaredge-morphic-holding-and-more.html
