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Stock Movers Report, your roundup of companies making moves in the stock market. Harnessing the power of Bloomberg data.
Let's take a look at some stocks on the move today. I'm Nathan Hager, joined by Bloomberg's Dan Curtis, starting off with some merger Monday news. I think we could say in the pharma space, Dan, is that right?
Good morning, Good morning, Nathan. That's right. We have news that Eli Lilly ticker Lly is buying Ajax Therapeutics. We're up to two point three billion dollars in cash. That has shares of Eli Lily up about two tenths of a percent in pre market. Ajax Therapeutics is a private company the deal has. The deal is for Ajax, which has a treatment in phase one clinical trial which is used to treat a group of rare blood cancers, and proof of concept data behind this is expected later this year.
The details are still emerging, but it looks like it's an upfront payment plus edition payments for clinical and regulatory milestones that Ajax may hit. So that giving Eli Lilly a little bit of a light pop early trading.
Okay, So along with the M and A news, We're expecting a whole lot of news this week on the earnings front. This morning we heard from Domino's Pizza. Did they deliver Dan?
Well, they're cooling off in pre market, so now I guess they missed their delivery target. First quarter top and bottom line missed estimates. US same store sales growth was zero point nine percent, with analysts expecting a two point six percent expansion. That is weighing on shares trading under ticker DPZ. Those are down four percent in the pre market. International growth was also weak. It unexpectedly saw a fall of zero point four expen zero point four percent. They
are looking for growth there. The CEO noted that the pizza chain is facing an intensifying macro and competitive environment, and we're waiting for details on guidance during the call. Analysts expect Dominoes to cut its full year outlook as it relies more heavily than rivals on lower income consumers who are feeling the squeeze from the energy shocks.
Okay, well, one of the biggest gainers pre market is Qualcom. What's going on with them?
Yeah, ticker q com is up over eleven percent in the pre market. That's after a Business Standard report says Open ai is reportedly collaborating with Media Tech and Qualcom to develop an AI focused mobile phone. The report cites TF international security analyst mingchi Quo. Qualcom would reportedly be involved in making the processors for this phone, and quote says that current phones are constrained by system level permission
by iPhone and Android. Basically, developing a phone would give the AI system direct access without being restrained by the phone maker's rule. So sounds like an aiphone is at least being considered.
Oh wow, some so even more AI development here and even bigger gain this morning for Oragonon. Is that how you pronounce this one, Dan.
I'm saying Organon. Mom is from organ So that might just be why the tickers ogn regardless of however you say the company and name, and those shares are up sixteen percent in pre market as Indian company Sun Pharmaceutical is acquiring the women's healthcare company. The US company will be bought for fourteen dollars per share in cash. That's nearly a fourteen billion dollar deal, and that deal is
expected to close early next year. Organon's flagship products include a contraceptive implant and a fertility stimulation drug, and the news of this potential type was out a few weeks ago. There's been some back and forth over the last few weeks, so we finally have news that this deal is going forward.
Now you're closing us out here with a decliner. What's behind the fall for ge Veranova this morning?
Yeah, perry By is downgrading the power equipment company to neutral from buy. That has shares down about two percent in pre market. The BNP perry Boss sees growth momentum hard to sustain as ninety percent of turbine capacity is already contracted through twenty thirty. In order to keep the true directory, companies would have to book projects not yet approved or backstop by power purchase agreement, so that far out there's a little bit less see through it to
where the growth could come from. BNP Parabod does know it's not a bear case though.
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