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Find out which companies are making the headlines before the bell:
Merck (MRK) – Merck shares jumped 7.5% pre-market after announcing its experimental Covid-19 pill reduced risk of death and hospitalization by 50% in one-stage study advanced. Merck plans to apply for emergency use authorization as soon as possible.
Lordstown Motors (RIDE) – Lordstown has struck a deal to sell its Ohio plant to Taiwan’s Foxconn for $ 230 million, with Foxconn taking over the manufacture of Lordstown’s full-size electric pickup truck. It was reported earlier this week that an agreement between the two sides was near. Lordstown grew 6.3% in pre-market trade.
Coty (COTY) – Cosmetics firm shares gained 2% in pre-market as it announced a deal to sell another 9% stake in its beauty business Wella to private equity firm KKR ( KKR). In return, KKR will repurchase around half of its remaining convertible preferred shares in Wella, reducing Coty’s stake to around 30.6%. Coty sold a 60% stake in Wella to KKR last December.
Zoom Video Communications (ZM) – Zoom and Five9 (FIVN) have terminated an almost $ 15 billion deal by mutual consent. Zoom had made a deal to buy the contact center operator, but it was rejected by Five9 shareholders. The two parties will continue a partnership that was in place prior to the proposed transaction. Zoom jumped 4% in pre-release while Five9 slipped 1.4%.
Walt Disney (DIS) – Disney and Scarlett Johansson have settled a lawsuit involving the movie “Black Widow”. Johansson had sued Disney over the film’s release on the Disney + streaming service at the same time it was making its theatrical debut. Terms of the settlement were not disclosed.
Wells Fargo (WFC) – Wells Fargo will face a shareholder fraud lawsuit involving its attempt to bounce back from years of scandals. A judge dismissed the bank’s request to dismiss the lawsuit, saying it was plausible that statements by various Wells Fargo officials regarding the salvage were false or misleading.
Exxon Mobil (XOM) – Exxon Mobil has said in a filing with the SEC that rising oil and gas prices could boost third-quarter profits to as much as $ 1.5 billion. Exxon’s profits improved amid rising prices as well as cost cuts by the energy giant.
Nio (NIO) – Nio announced deliveries of 10,628 vehicles in September, an increase of 126% from a year ago for the Chinese electric vehicle maker. Nio added 1.8% in pre-marketing.
International Flavors (IFF) – The maker of food flavors and cosmetic ingredients has said Chairman and CEO Andreas Fibig plans to retire, although he will remain at the helm of the company until his ‘a successor be found. Stocks added 2.5% to pre-market action.
Jefferies Financial Group (JEF) – Jefferies reported quarterly earnings of $ 1.50 per share, beating the consensus estimate of 99 cents, as the financial services firm’s earnings also beat Wall Street’s forecast. Jefferies saw its results bolstered by a solid performance in its investment banking business. Jefferies gained 1.4% in pre-market.
MGM Resorts (MGM) – Susquehanna Financial downgraded MGM from “negative” to “neutral”, claiming that DraftKings’ (DKNG) bid for UK games company Entain weakens MGM’s prospects in the digital gambling and betting market .
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