Market Insider

Stocks making the biggest moves premarket: Apple, L Brands, McClatchy & more

Tim Cook, chief executive officer of Apple Inc., speaks about the new iPhone during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Tuesday, Sept. 10, 2019.
David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines before the bell:

Apple – Bank of America raised its price target on the stock to $330 per share from $290, pointing to continued strength in revenue growth. At the same time, RBC Capital raised its price target for Apple to $330 from $295, saying it sees higher customer interest and satisfaction with current iPhones as well as positive reception for AirPods.

Illumina – Illumina has called off its deal to buy rival gene sequencing company Pacific Biosciences. The companies had announced the deal in November 2018, but ended it several weeks after US regulators filed a complaint to block the transaction.

Anixter The back-and-forth between two bidders for the networking equipment maker continues, with industrial products distributor Wesco International sweetening its bid to $97 per share in cash and stock. Anixter had agreed Thursday to a sweetened takeover deal from private equity firm Clayton Dubilier & Rice for $93.50 per share. The takeover battle began on Oct. 31 when Anixter agreed to an $82-per-share deal from Clayton Dubilier.

Incyte – Incyte is under pressure after a phase-3 study of an experimental treatment failed to meet its goals. The therapy was designed to treat patients who have negative reactions to bone marrow transplants.

Tesla – Tesla cut the starting price for Model 3 sedans produced in China by 16%, after receiving government subsidies for its electric vehicles.

Bunge – Bunge sold its stake in an Iowa ethanol plant amid struggles for the biofuel industry. The grain processing company had held the stake for 13 years, but sold it back to Southwest Iowa Renewable Energy for an undisclosed price.

McClatchy – McClatchy froze pension payments to some of its former executives as the newspaper publisher engaged a bankruptcy administration firm. McClatchy is seeking a government takeover of its pension plan, after saying in November that it would be unable to make a required $124 million payment to the plan due this year.

Acorda Therapeutics – Acorda is seeing its shares jump on news that investor Steven Cohen's Point72 Asset Management disclosed a 9.8% stake in the drugmaker.

Humana – Goldman Sachs added the health care company to its "Conviction Buy" list, saying it expects meaningful upward revisions to earnings estimates due to the recent repeal of a fee on health insurers.

L Brands – Bank of America upgraded the Victoria's Secret parent to "buy" from "neutral" based on inexpensive valuation, a high dividend yield and growth at Bath & Body Works.

Endo International – The drugmaker was upgraded to "overweight" from "neutral" at Piper Jaffray, which feels the share price does not reflect a solid earnings stream for the foreseeable future.