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Check out some of the biggest movers in the premarket:
Horizon Therapeutics (HZNP) – Shares of the drugmaker rose 14.7% in the premarket Agreed to buy it By Amgen ( AMGN ) at $116.50 per share in cash, valuing the deal at $27.8 billion. Amgen shares fell 2.6%.
Koopa Software (COUP) – Private equity firm Thoma Bravo Agreed to buy Koopa, an expert in business expense management software. The deal is valued at $8 billion, or $81 per share in cash. Cooba shares rose 21.6% in premarket trading.
Rivian (RIVN) – electric vehicle maker It has suspended negotiations with Mercedes-Benz In a planned joint venture to develop electric vans in Europe. The move is part of Rivian’s efforts to be more conservative with its cash spending in the face of higher interest rates and economic worries. Rivian fell 2.5% in premarket action.
Weber (WEBR) – The maker of grills and other outdoor cooking equipment has agreed to be taken private by BDT Capital Partners for $2.32 billion in cash, or $8.05 per share. Weber shares closed at $6.50 on Friday.
Accenture (ACN) – Accenture fell 1.7% in the premarket after Piper Sandler downgraded shares of the consultancy from “neutral” to “underweight”. The company expects Accenture to be negatively impacted by more cautious spending in the technology sector in 2023.
Under the hood (UAA) – Under Armor rose 2.8% in premarket trading, following Stifel’s upgrade from “hold” to “buy.” Stifel praised the athletic apparel maker’s inventory management, which it said gives the company better profit margins.
Best buy (BBY) – Shares of the electronics retailer added 1.6% premarket after Goldman Sachs upgraded it to “neutral” from “sell.” It is among retail stocks that Goldman sees the ability to maintain prices as inflation moderates and gain market share.
interval (GPS), seal (TPR), Levi Strauss (LEVI) – Goldman Sachs upgraded Gap and Tapestry to “buy” from “neutral,” while downgraded Levi Strauss to “neutral” from “buy.” Goldman said its moves are based on which companies can thrive in an atmosphere that could see consumers becoming more prudent with their clothing spending. Gap added 2.7% in the premarket, while Tapestry lost 2% and Levi Strauss lost 1.2%.
Brinker International (EAT) – Shares of the restaurant operator fell 3.7% after Goldman downgraded it to “sell” from “neutral”. Goldman said he is cautiously optimistic about the long-term results of the company’s effort to turn around its Chili’s chain, but thinks 2023 will be brisk in terms of sales and profit margins.
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