Pot Profiteer

Stocks making the biggest moves premarket: 3M, CrowdStrike, Xpeng and more

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Xpeng G9 SUV is on display during the 20th Shanghai International Automobile Industry Exhibition at the National Exhibition and Convention Center (Shanghai) on April 18, 2023 in Shanghai, China.
VCG | Visual China Group | Getty Images

Check out the companies making headlines before the bell.

Xpeng — U.S.-traded shares of the Chinese electric vehicles company jumped 5% Monday premarket. Xpeng announced it would buy Didi’s smart electric car business in a deal worth $744 million. 

3M — Shares rallied more than 5% after Bloomberg News reported the company tentatively agreed to resolve more than 330,000 lawsuits related to its defective earplugs, The company will pay more than $5.5 billion in the settlement, according to the report.

Mister Car Wash — The car wash stock climbed 5.7% in premarket trading following an upgrade to overweight from neutral by Piper Sandler. The firm said Mister Car Wash has upside potential over the next two years.

CrowdStrike — Shares of the cybersecurity company fell 2.6% in premarket trading after Morgan Stanley downgraded CrowdStrike to equal weight from overweight. The investment firm warned in a note to clients that Crowdstrike’s upcoming earnings report could show slowing revenue growth ahead.

Akero Therapuetics — The biotech company’s shares added 2.2% after UBS initiated Akero with a buy rating and a price target that implies sharp gains ahead. UBS thinks the company’s treatment for non-alcoholic steatohepatitis could create an underappreciated market opportunity worth more than $20 billion. 

Chinese stocks — Alibaba and JD.com rose 1.3% and 1.6%, respectively after the Chinese government said it would reduce a tax on trading, among other measures,  to boost its stock market.

RPT Realty — Shares of the real estate investment trust rallied more than 11% on news RPT is being acquired by Kimco Realty for $2 billion in stock. The deal is expected to close in early 2024. “Approximately 70% of RPT’s portfolio aligns with our key strategic markets,” Kimco CEO Conor Flynn said in a statement.

Abcam — Shares of protein consumables supplier Abcam fell more than 3% after Danaher announced it would acquire the company in a deal valued at around $5.7 billion. Danaher shares gained less than 1%.

Boston Scientific — Boston Scientific jumped 5.5% after the medical device maker announced positive results Sunday for its treatment for patients with atrial fibrillation, or abnormal heartbeats.

— CNBC’s Jesse Pound, Sarah Min and Alexander Harring contributed reporting.

This article was originally published by Cnbc.com. Read the original article here.

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