Stock futures were rising Monday as Wall Street extended Friday's gains despite mounting virus concerns and as investors looked to the Jackson Hole symposium later in the week for hints on future Federal Reserve policy.
Pfizer Stock Leaps on FDA Report, Dow Futures Higher as Global Stocks Rebound
Here are some of the top movers during premarket trading Monday.
1. Pfizer PFE | Up 3.65%
Shares of Pfizer (PFE) - Get Report rose more than 3% in premarket trading after the drugmaker said it will buy immuno-oncology specialists Trillium Therapeutics (TRIL) - Get Report for $18.50 a share in cash, or implied equity value of $2.26 billion.
Separately, the U.S. Food and Drug Administration is expected this week to grant full approval of the COVID-19 vaccine from Pfizer and German partner BioNTech (BNTX) - Get Report.
2. Trillium Therapeutics TRIL | Up 191.13%
Shares of Trillium Therapeutics (TRIL) - Get Report more than tripled early Monday after Pfizer said it would buy the cancer therapy specialist in a deal worth $2.26 billion.
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Trillium's drug portfolio includes biologics treatments that "enhance the ability of patients’ innate immune system to detect and destroy cancer cells," Pfizer said.
Pfizer had first invested $25 million in Trillium in September 2020.
3. Uber UBER | Down 3.85%
Shares of Uber (UBER) - Get Report slipped more than 5% ahead of the bell after a California judge said the November ballot measure that allowed the ride-hailing service to continue treating their drivers as independent contractors is unenforceable and unconstitutional.
4. Lyft LYFT | Down 4.25%
Shares of Lyft (LYFT) - Get Report fell after a California judge struck down a law allowing the companies to classify drivers as contractors rather than employees.
Superior Court Judge Frank Roesch said Proposition 22, which was passed by voters in November, was unenforceable and unconstitutional in a ruling on Friday.
5. General Motors GM | Down 1.43%
Shares of General Motors (GM) - Get Report fell 2% in premarket trading after the automaker expanded the recall of its Chevy Bolt electric car to include newer models, a move that will cost the company an additional $1 billion.
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August 23, 2021 at 07:14PM
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Premarket Movers Monday - Pfizer, Trillium, Uber and General Motors - TheStreet
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