As the pre-market trading session gets underway, several major companies are making significant moves, driven by various factors such as takeover bids, earnings reports, and potential investments. Warner Bros. Discovery’s board has unanimously recommended that shareholders reject Paramount Skydance’s takeover bid, instead opting for Netflix’s proposal, which they deem “superior.” This development has led to a 1.4% increase in Netflix shares, while Warner Bros. Discovery and Paramount have shed 1.8% each.<\/p>\n
Meanwhile, Amazon is in discussions with OpenAI regarding a potential $10 billion investment and agreement to utilize its artificial intelligence chips. This news has resulted in a 1.4% increase in Amazon’s shares. In other news, Lennar, a homebuilder, has disappointed investors with its first-quarter guidance, leading to a 5% decline in its shares. The company expects to deliver 17,000 to 18,000 homes in the quarter, with a homebuilding gross margin of 15% to 16%, falling short of analysts’ estimates.<\/p>\n
General Mills, the food company behind popular brands like Cheerios, has exceeded second-quarter expectations, with adjusted earnings of $1.10 per share on revenues of $4.86 billion. This has led to a 2.5% increase in its shares. Additionally, lithium stocks have surged after the Chinese government announced plans to revoke mining, causing lithium prices to soar. Atlas Lithium has jumped nearly 9%, while Albemarle and Sociedad Quimica y Minera de Chile have each risen about 4%.<\/p>\n
Recursion Pharmaceuticals, a clinical-stage TechBio company, has seen a 5.5% increase in its shares following an upgrade at JPMorgan to overweight from neutral. The firm cited Recursion’s artificial-intelligence pipeline as the reason for the upgrade. Gap, the apparel retailer, has also received an upgrade, with Baird raising its rating to outperform from neutral and increasing its price target to $33, implying a 21% increase from the current price.<\/p>\n