Luis Alvarez
Stock futures opened higher on Monday as investors anticipate key inflation data and the start of earnings season, with several large financial, consumer and technology companies set to report quarterly earnings that could influence the market rally.
Here are some of the biggest stock price changes on Monday:
Biggest stock gains
- Class A (Nasdaq:PARAA) and Class B (Nasdaq:PARAParamount Global shares rise 7% and 5%respectively, following the announcement that Hollywood Studios will merge with Skydance Media, valuing Skydance at $4.75 billion. Skydance shareholders will receive 317 million Class B shares valued at $15 per share. Following the transaction, Skydance Investor Group will own 100% of the new Paramount Class A shares and 69% of the outstanding Class B shares, or approximately 70% of the pro forma outstanding shares. The cash election amount offered to Paramount shareholders represents a premium of 48% to the Class B share price and 28% to the Class A share price as of July 1, 2024.
- Pharmaceutical company Grifols (Nasdaq:GRFS)KK 18% increase The announcement follows news that the company’s founding family and asset manager Brookfield have made a joint bid to acquire and delist the company. The move comes amid a significant market value drop triggered by a short-seller attack by Gotham City Research earlier this year. Grifols announced the potential deal in a regulatory filing, highlighting uncertainty about its fulfillment and terms. The pharmaceutical company has been weathering the crisis since January and has responded with a leadership reshuffle, including appointing an outside CEO and a new CFO, to reassure investors amid ongoing challenges.
- R1 RCM (Nasdaq:RCM)KK Approximately 12% increase This comes after TCP-ASC announced it is finalizing an offer to purchase the company’s outstanding shares not owned by shareholders at a price higher than the $13.25 per share offer outlined in the standstill waiver from New Mountain Capital. The latest disclosure comes after R1 RCM fell 13% on Tuesday after New Mountain Capital announced it was no longer interested in pursuing a joint offer with TCP-ASC. Joseph Flanagan, a director and former CEO of R1 RCM, is in discussions with TCP-ASC about serving as a senior executive at R1 RCM following the completion of the transaction.
- Clarity (Nasdaq:LCID)KK 6% increase The company announced its second-quarter production numbers. The electric car maker produced 2,110 vehicles and delivered 2,394 in the second quarter, both increases from the previous quarter and deliveries significantly higher than in the same period last year.
- Morphic Holdings shares (Nasdaq:MORF) secondsAbout 75% After pharmaceutical giant Eli Lilly (LLY) announced a $3.2 billion acquisition to bolster its immunology pipeline. The deal will see Lilly purchase Morphic shares for $57 per share in cash, with the transaction expected to close in the third quarter of 2024. This represents a significant premium of approximately 79% to Morphic’s closing price on July 5, 2024.
