The stock market had a diverse list of movers and shakers before the bell on Friday. Estee Lauder saw a 15% jump in stock price after beating expectations with its latest earnings report, while Catalent shares soared more than 12% following an agreement to be acquired by Novo Holdings in a $16.5 billion deal. Caterpillar’s adjusted earnings per share of $5.23 for the fourth quarter helped its stock pop more than 4%, with strong sales reported particularly in North America. Conversely, Air Products and Chemicals saw a 9% drop in shares after posting disappointing quarterly results, and GlobalFoundries stock slid about 2% following a downgrade to neutral by JPMorgan. Other notable moves included a 3% increase in Nvidia shares after a price target increase by Goldman Sachs, a 1.7% slide in Stellantis shares amid reports of a potential merger with Renault, and a 7% boost in Elanco Animal Health shares after plans were announced for a $1.3 billion cash acquisition of its aqua business by Merck Animal Health.
This morning’s pre-market activity was characterized by a mix of positive and negative reactions to earnings reports and corporate developments. Notably, Estee Lauder surged 15% as a result of beating expectations in its latest second quarter results. In contrast, Air Products and Chemicals saw a 9% drop in shares after reporting disappointing quarterly figures, and GlobalFoundries stock slid about 2% following a downgrade from JPMorgan. Notable mergers and acquisitions also made waves, with Catalent shares soaring over 12% after agreeing to be taken over by Novo Holdings for $16.5 billion, while Elanco Animal Health experienced a 7% boost in shares after a $1.3 billion cash acquisition of its aqua business by Merck Animal Health. Investors also saw a 3% increase in Nvidia stock following a price target increase by Goldman Sachs and a 1.7% slide in Stellantis shares amid reports of a potential merger with Renault.
The pre-market activity on Friday was marked by notable stock movements in reaction to earnings reports and corporate developments. Notable surges included a 15% jump in Estee Lauder shares after the company beat expectations in its latest earnings report, while Catalent shares soared over 12% following an agreement to be acquired by Novo Holdings for $16.5 billion. Meanwhile, stock in Air Products and Chemicals dropped 9% after reporting disappointing quarterly results, and GlobalFoundries stock slid about 2% following a downgrade by JPMorgan. In the midst of these movements, news of mergers and acquisitions also made headlines, with Elanco Animal Health experiencing a 7% boost in shares after a $1.3 billion cash acquisition of its aqua business by Merck Animal Health and speculation of a potential merger between Stellantis and Renault causing a 1.7% slide in Stellantis shares.
