Check out the companies making the biggest moves in premarket trading: Eli Lilly — Shares added 1.7% after a late-stage trial found the pharma company’s weight-loss drug tirzepatide, the active ingredient Zepbound and Mounjaro, reduced the risk of obese or overweight adults developing Type 2 diabetes by 94%. Paramount Global — The media and entertainment company’s stock shed 2.8% following reports that media executive Edgar Bronfman Jr. submitted a roughly $4.3 billion bid to acquire National Amusements, the company that owns a controlling stake in Paramount Global. Last month, Skydance Media and its partners reached a deal to buy Paramount. Hawaiian Holdings , Alaska Air — Shares of Hawaiian popped 11.2%, while Alaska Airlines added 2.4%, after the merger of the two companies cleared the U.S. Justice Department. The airlines now need to secure approval from the U.S. Transportation Department before the $1.9 billion deal closes. Lowe’s — Shares ticked marginally higher after the home improvement retailer’s second-quarter earnings beat expectations. Lowe’s cut its full-year outlook, citing lower-than-expected DIY sales pressure and the macroeconomic environment. Palo Alto Networks — Shares added 2.8% after the cybersecurity company beat Wall Street’s fiscal fourth-quarter estimates. Palo Alto Networks also offered strong guidance for the fiscal first quarter and year. Fabrinet — The stock jumped nearly 10% after the company’s earnings and revenue beat estimates Monday. Fabrinet reported fourth-quarter adjusted earnings of $2.41 per share on revenues of $753 million. Analysts polled by LSEG had expected EPS of $2.25 on revenues of $733 million. Boeing — Shares of the aerospace manufacturer dipped 1% after the announcement that tests of the 777X have been paused . Boeing said it found damage in one of the aircraft’s structures. Deliveries of the 777X are scheduled for 2025, and it is unclear if this pause will lead to a delay. Advanced Micro Devices — The stock added 1.5% after Edward Jones initiated coverage of the chipmaker with a buy rating, saying that AMD’s acquisition of semiconductor firm Xilinx will help broaden out its array of chip offerings and enter new markets. Amer Sports — The stock rallied 6.5% after the Finland-based global sports and outdoor company reported an earnings and revenue beat. Amer Sports also boosted its full-year guidance. Vornado Realty Trust — Shares of the real estate investment trust gained 2.2% after Evercore ISI double upgraded Vornado Realty Trust to outperform from underperform. The Wall Street firm said Vornado — which boasts a portfolio of New York City office buildings — has outpaced its sector, and is set to continue to do so in the near term. The stock is up more than 16% this year. — CNBC’s Jesse Pound, Sarah Min, Samantha Subin and Pia Singh contributed reporting.
Source: www.cnbc.com