AT&T Takes Off as Elliott Management Weighs In. The Dow Is Rising Too.
A number of health-care stock were on the move as well.
A number of health-care stocks were on the move as well.
It’s a quieter Monday with fewer presidential tweets. (Donald Trump’s tweets affect the market, but only for a short time, according to Barron’s.) But that’s not to say there wasn’t any news.
Shares were higher in Asia, and Germany’s DAX Composite Index ekeded out a gain of .3% higher. In the U.K., still plagued by Brexit problems, the FTSE 100 Index was down 0.5%.
U.S. stock futures were higher. Dow Jones Industrial Average futures rose 0.3%, and futures on both the S&P 500 and the Nasdaq Composite had risen 0.2%.
Stock in AT&T took off, rising more than 7%, after the activist investor Elliott Management, a holder of stock in the telecommunications firm, released a letter to the board laying out a series of potential changes that it said could bring gains of as much as 65% for the stock.
Acadia Pharmaceuticals stock (ticker: ACAD) was the biggest Monday mover in early morning. Shares were up almost 100% in premarket trading as investors welcomed news that the company stopped a late-stage drug-development trial for dementia-related psychosis early because results were positive.
Mallinckrodt (MNK) shares rose by about 9% to $2.03 a share. The stock has been buffeted by legal problems associated with the opioid crisis. Shares of the drugmaker are down about 88% year to date, based on Friday’s closing price.
Stock in the biotech giant Amgen (AMGN) was down 4.4%. Drug testing data presented over the weekend fell short of investors’ expectations.
Some stocks outside of health care may move after Wall Street changed ratings on the company. Las Vegas Sands (LVS) shares were upgraded at Deutsche Bank. Shares of E*Trade Financial (ETFC) were downgraded at Keefe, Bruyette & Woods. Sands shares were unchanged in premarket trading, E*Trade stock was down 0.8%.
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