Stock futures traded lower Monday as Wall Street came off a rough week driven by concern about how rising inflation would affect the U.S. recovery.
Here are some of the top movers during premarket trading on Monday.
1. Discovery DISCA | Up 11%
Shares of Discovery (DISCA) - Get Warner Bros Discovery Inc Com Ser A Report surged after the company behind channels such as TLC, HGTV and Animal Planet said it would acquire AT&T's (T) - Get AT&T Inc. Report WarnerMedia unit in a deal valued at $43 billion.
2. AT&T T | Up 2.7%
Shares of AT&T (T) - Get AT&T Inc. Report advanced after the telecom major said its WarnerMedia unit was set to merge with Discovery (DISCA) - Get Warner Bros Discovery Inc Com Ser A Report to create a media giant valued at $43 billion.
WarnerMedia owns cable channels such as HBO, CNN, TNT and TBS as well as the Warner Bros. television and film studio.
Discovery's portfolio includes its namesake network, Animal Planet and HGTV.
3. Tesla TSLA | Down 2.1%
4. ViacomCBS VIACA | Up 2.8%
Shares of ViacomCBS (VIACA) - Get ViacomCBS Inc. Class A Report rose after George Soros’ investment firm said in a regulatory filing that it scooped up shares of the media company sold off during the Archegos collapse.
5. Netflix NFLX | Down 1.7%
Shares of content jstreaming major Netflix (NFLX) - Get Netflix Inc. Report dropped after AT&T (T) - Get AT&T Inc. Report said its WarnerMedia unit would merge with Discovery in a deal valued at $43 billion.