Stocks making the biggest moves premarket: Nikola, Apple, Biogen, Intersect ENT & more
Check out the companies making headlines before the bell:
Intersect ENT (XENT), Medtronic (MDT) — Shares of Intersect ENT popped 35% after Bloomberg News reported Medtronic has made an offer to acquire the California-based medical device company. Though talks are still in their early stages, Intersect's board is reviewing the offer, according to the report.
National General (NGHC), Allstate (ALL) — National General shares surged more than 67% on news the company would be acquired by insurance giant Allstate. The deal, which is expected to close early next year, is worth $4 billion, or $34.50 per share, in cash. Allstate shares fell 2.5%.
Nikola (NKLA) — An analyst at JPMorgan upgraded the electric truck maker to "overweight" from "neutral," noting the stock is "starting to look attractive for long-term investors in view of a number of potential positive catalysts in coming weeks and months." Nikola shares rose more than 7% in the premarket.
Apple (AAPL) — Deutsche Bank hiked its price target on Apple to $400 per share from $380 per share, implying a 7.3% upside from Tuesday's close of $372.69. "Overall, we feel comfortable that AAPL should continue to offer upside for investors," a Deutsche Bank analyst said in a note. However, the analyst noted the stock's recently sharp run-up "has us nervous."
Biogen (BIIB) — Biogen shares jumped nearly 7% after the company submitted an application to the Food and Drug Administration for aducanumab as a treatment for Alzheimer's disease. "If approved, aducanumab would be the first treatment with the potential to meaningfully change the course of Alzheimer's disease," Biogen said in a release.
Altria (MO) — Shares of the tobacco giant were downgraded to "equal weight" from "overweight" by a Barclays analyst. The analyst noted Altria is "100% U.S.-exposed and continues to lose market share."
Caterpillar (CAT) — A Bank of America analyst upgraded the construction giant to "neutral" from "underperform," and hiked its price target on the stock to $135 per share. "We still have our doubts on the sustainability of macro improvement, but are tempering our negativity," the analyst said. Caterpillar climbed 1.1% before the bell.
American Express (AXP) — American Express was downgraded to "neutral" from "buy" by an analyst at Citigroup, citing the potential for "top line headwinds" moving forward. The analyst also trimmed his price target on the company to $105 per share from $110 per share. American Express shares slid 0.6% in the premarket.