Stocks making the biggest moves premarket: 3M, CrowdStrike, Xpeng and more
Xpeng G9 SUV is on display during the 20th Shanghai International Automobile Industry Exhibition at the National Exhibition and Convention Center (Shanghai) on April 18, 2023 in Shanghai, China.VCG | Visual China Group | Getty Images
Check out the companies making headlines before the bell.
3M — Shares rallied more than 5% after Bloomberg News reported the company tentatively agreed to resolve more than 330,000 lawsuits related to its defective earplugs, The company will pay more than $5.5 billion in the settlement, according to the report.
Mister Car Wash — The car wash stock climbed 5.7% in premarket trading following an upgrade to overweight from neutral by Piper Sandler. The firm said Mister Car Wash has upside potential over the next two years.
CrowdStrike — Shares of the cybersecurity company fell 2.6% in premarket trading after Morgan Stanley downgraded CrowdStrike to equal weight from overweight. The investment firm warned in a note to clients that Crowdstrike’s upcoming earnings report could show slowing revenue growth ahead.
Akero Therapuetics — The biotech company’s shares added 2.2% after UBS initiated Akero with a buy rating and a price target that implies sharp gains ahead. UBS thinks the company’s treatment for non-alcoholic steatohepatitis could create an underappreciated market opportunity worth more than $20 billion.
RPT Realty — Shares of the real estate investment trust rallied more than 11% on news RPT is being acquired by Kimco Realty for $2 billion in stock. The deal is expected to close in early 2024. “Approximately 70% of RPT’s portfolio aligns with our key strategic markets,” Kimco CEO Conor Flynn said in a statement.
Abcam — Shares of protein consumables supplier Abcam fell more than 3% after Danaher announced it would acquire the company in a deal valued at around $5.7 billion. Danaher shares gained less than 1%.
— CNBC’s Jesse Pound, Sarah Min and Alexander Harring contributed reporting.