Tesla, Alibaba, UnitedHealth, Walgreens – Wednesday’s Premarket Movers
Stock futures were mixed on Wednesday as Wall Street bet the Democrats would win the US Senate and US-China tensions rebounded.
Here are some of the top movers during Wednesday premarket trading.
1. Tesla TSLA | Plus 3.15%
Tesla shares (TSLA) – Get the report rose on Wednesday after a target rise from analysts at Morgan Stanley and the potential for Senate Democratic scrutiny that would favor legislation for the electric vehicle industry.
Morgan Stanley analyst Adam Jonas raised his price target for Tesla to $ 870 per share and called the electric vehicle maker “the industry’s chosen” thanks to its “people, technology, business model and access to capital”.
2. Alibaba BABA | 1.46% decrease
Alibaba shares are listed in the United States (BABA) – Get the report fell Wednesday after the company announced it would raise at least $ 5 billion by selling a US dollar-denominated bond earlier this month, Reuters reported.
Proceeds from the offering could reach $ 8 billion, depending on investor reaction, a related party told Reuters. The company would likely use the funds for general corporate expenses.
3. UnitedHealth UNH | 1.28% decrease
UnitedHealth shares (UNH) – Get the report fell after it was agreed to buy Change Healthcare in a deal valued the healthcare technology company at more than $ 13 billion.
UnitedHealth pays $ 25.75 per share in cash, a 41% premium over Change Healthcare’s closing price of $ 18.24 on Tuesday.
The deal will combine Change Healthcare with UnitedHealth’s OptumInsight unit to provide software, data analysis, technology and other services to the healthcare industry, the companies said.
4. Change the healthcare CHNG | Plus 35.31%
Change Healthcare stocks (CHNG) – Get the report spiked in premarket trading on Wednesday after the healthcare technology giant agreed to be bought by UnitedHealth.
5. Walgreens WBA | Plus 1.51%
Shares in the Walgreens Boots Alliance (WBA) – Get the report rose after the company agreed to sell its healthcare distribution business to AmerisourceBergen (ABC) – Get the report for around $ 6.5 billion.
Walgreens said the majority cash deal will allow him to focus on his core retail pharmacy business while strengthening and expanding his partnership with AmerisourceBergen.
Walgreens will receive $ 6.275 billion in cash and 2 million shares of AmerisourceBergen common stock for the sale of its Alliance Healthcare business.