Market Insider

Stocks making the biggest moves in the premarket: Tesla, Bank of America, solar companies & more

Take a look at some of the biggest movers in the premarket:

UnitedHealth (UNH) – The health insurer is buying health-care technology company Change Healthcare (CHNG) for $25.75 per share in cash, compared to Change’s Tuesday close of $18.24, or $7.84 billion. UnitedHealth will combine Change Healthcare with its Optum health IT unit.

Walgreens (WBA) – Walgreens is selling its Alliance Healthcare businesses to pharmaceutical distributor AmerisourceBergen (ABC) for $6.5 billion in cash and stock. Alliance is a pharmaceutical wholesaler based in Europe.

Tesla (TSLA) – Morgan Stanley raised its price target for Tesla to a Street-high $810 per share, following better-than-expected fourth-quarter deliveries. Morgan Stanley maintains an “overweight” rating on the stock. The shares rose 3% in premarket trading as of 7:47 a.m. ET.

Bank of America (BAC) – Deutsche Bank named Bank of America a “top pick,” based on a positive outlook for bank stocks in general and the idea that BofA has strong cost controls, solid capital returns, and other positive factors. The shares gained 3% in premarket trading as of 7:47 a.m. ET.

SolarEdge Technologies (SEDG), SunRun (RUN), First Solar (FSLR), SunPower (SPWR) – Solar stocks are rising as Democrats come closer to controlling the Senate and possibly implementing more alternative energy-friendly policies. First Solar jumped 6% in premarket trading as of 7:47 a.m. ET.

Alibaba (BABA) – Alibaba is planning to raise at least $5 billion through a dollar-denominated bond offering this month, according to people with knowledge of the matter who spoke to Reuters. One of the people said the offering could potentially raise as much as $8 billion for the Chinese e-commerce giant.

Wells Fargo (WFC) – Wells Fargo said it was notified by the Office of the Comptroller of the Currency that a 2015 consent order related to anti-money laundering compliance had been terminated, after the bank took steps to remedy related issues.

PPG Industries (PPG) – PPG said Finland-based paint maker Tikkurila agreed to a sweetened takeover offer worth $1.52 billion. PPG increased its initial offer by 11% after Tikkurila received a competing offer.

Apple (AAPL) – Apple paid out 179% of its targeted bonuses for 2020, after remote work boosted its profits. CEO Tim Cook’s cash bonus for the year rose 40% to $10.7 million, in contrast to the 36% drop in his 2019 bonus.

CoStar Group (CSGP) – CoStar is suing rival real estate data provider RentPath, accusing it of sabotaging a deal to buy RentPath for $587.5 million. The lawsuit said RentPath employees sent emails to customers warning that prices would increase if the deal was allowed to go through.

Wyndham Destinations (WYND) – Wyndham Destinations is buying Travel + Leisure from publisher Meredith Corp. (MDP) for $100 million. The timeshare resort operator will change its name to Travel + Leisure and also change its ticker symbol to TNL in mid-February.

Hologic (HOLX) – Hologic is buying privately held cancer test maker Biotheranostics for $230 million. The medical technology company expects the deal for Biotheranostics to close next month.

Cal-Maine Foods (CALM) – Cal-Maine reported quarterly earnings of 25 cents per share, compared to consensus forecasts of an 8 cents per share loss. The nation’s largest egg producer also reported better-than-expected sales, as elevated stay-at-home meal preparation continues amid the pandemic.

Myriad Genetics (MYGN) – Myriad plans to explore strategic alternatives for its autoimmune business, and the genetic testing company also plans to restructure its international operations.

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