Apogee Therapeutics saw a remarkable 50% increase in its stock price after AbbVie announced its acquisition for $10.9 billion, valuing shares at $135.11 each, a 49% premium over the previous close. This acquisition is expected to enhance AbbVie's presence in the respiratory market, leading to a slight rise in its shares by about 1%.
Similarly, Arcosa's shares rose over 7% following CRH's announcement of an $8.5 billion acquisition, valuing Arcosa at $150 per share, a 10% premium from Thursday's close, which CRH believes will complement its existing construction portfolio.
In contrast, SpaceX's shares fell more than 5% in premarket trading, marking a continued decline since their recent high, although they remain up 30% from their IPO price. Getty Images experienced a dramatic 150% surge after announcing a partnership with OpenAI, which will integrate Getty's content into OpenAI's search and ChatGPT, despite its market cap still being under $1 billion.
Alphabet's shares dipped nearly 2% following the departure of a senior researcher to Anthropic, raising concerns about its AI talent retention. Credo Technology's stock rose over 3% after Evercore ISI initiated coverage with an outperform rating, highlighting its potential in both copper-related and optical connectivity markets.
Micron Technology's stock increased by 4.5% after receiving price target hikes from Bernstein and Needham, indicating strong performance among memory sector peers. Lastly, Chevron's shares rose more than 1.5% after announcing a 20-year agreement to supply natural gas to a Microsoft data center in West Texas, expected to start operations in 2028