U.S. equity futures extended declines Friday, following on from the worst month for tech stocks since the peak of the pandemic, as investors enter the final quarter of the year focused on inflation, energy markets and the Federal Reserve.
Here are some of the top movers in premarket trading Friday.
1. Merck MRK | Up 8.4%
Shares of Merck (MRK) - Get Merck & Co., Inc. (MRK) Report rose sharply after the drugmaker said its experimental Covid-19 pill cut the risk of hospitalization and death in high-risk patients by as much as 50%. Merck plans to seek emergency-use approval from the Food and Drug Administration "as soon as possible."
2. Zoom Video ZM | Up 3.4%
Shares of Zoom Video (ZM) - Get Zoom Video Communications (ZM) Report advanced after the videoconferencing giant and Five9 terminated a nearly $15 billion deal. Zoom had struck a deal to buy the contact center operator, but Five9 holders rejected the deal. The two sides will continue a partnership that had been in place prior to the proposed transaction.
3. AMC Entertainment AMC | Up 4.3%
AMC Entertainment (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report traded higher after the theater chain said it would buy back debt securities, lowering its interest costs.
4. General Mills GIS | Up 1.6%
Shares of General Mills (GIS) - Get General Mills, Inc. (GIS) Report rose after analysts at Citi upgraded the maker of Cheerios and said the stock was a high-quality, cheap consumer staple that was underappreciated after it reported strong earnings.
5. Lordstown Motors RIDE | Up 9.2%
Shares of Lordstown (RIDE) - Get LORDSTOWN MOTORS CORP. Report traded higher after the electric-vehicle producer struck a deal to sell its Ohio plant to Taiwan’s Foxconn for $230 million. Foxconn will take over the manufacturing of Lordstown’s full-sized electric pickup truck.