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Horizon Therapeutics, Coupa Software, Rivian and more


Take a look at some of the biggest pre-market movers:

Therapeutic Horizon (HZNP) – Shares of the drugmaker jumped 14.7% in premarket after agreeing to be acquired by Amgen (AMGN) for $116.50 per share in cash, with the transaction valued at $27.8 billion. Amgen shares fell 2.6%.

investment related news

Goldman Sachs Upgrades Gap, Says Stock Can Rebound Nearly 30% Despite Challenges Facing Retailers


Coupa Software (COUP) – Private equity firm Thoma Bravo has agreed to buy Coupa, a specialist in enterprise expense management software. The deal is worth $8 billion, or $81 per share in cash. Coupa shares climbed 21.6% in premarket trading.

Rivian (RIVN) – The electric vehicle maker has halted talks with Mercedes-Benz over a planned joint venture to build electric vans in Europe. The move is part of Rivian’s efforts to be more prudent in its cash spending in the face of rising interest rates and economic concerns. Rivian fell 2.5% in premarket stock.

Weber (WEBR) – The maker of grills and other outdoor cooking products has agreed to be taken private by BDT Capital Partners for $2.32 billion in cash, or $8.05 per share. Weber shares closed Friday at $6.50.

Accenture (ACN) – Accenture fell 1.7% in premarket after Piper Sandler downgraded the consultancy’s stock from “underweight” to “neutral.” The company expects Accenture to be negatively impacted by more cautious spending in 2023 in the technology sector.

under protection (UAA) – Under Armor jumped 2.8% in premarket trading following an upgrade by Stifel to “buy” from “hold.” Stifel praised the sportswear maker’s inventory management, which he said gives the company better profit margin certainty.

best buy (BBY) – The electronics retailer’s stock rose 1.6% in the pre-market after Goldman Sachs upgraded it from “neutral” to “sell”. It is among retail stocks that Goldman believes it has the ability to hold prices as inflation moderates and gain market share.

Difference (GPS), Tapestry (TPR), Levi Strauss (LEVI) – Goldman Sachs upgraded Gap and Tapestry to “buy” from “neutral” while Levi Strauss downgraded “neutral” from “buy.” Goldman said its decisions were based on which businesses can thrive in an atmosphere that will see consumers become more discerning with their clothing spending. Gap gained 2.7% pre-release, Tapestry up 2% and Levi Strauss down 1.2%.

Brinker International (EAT) – The restaurant owner’s stock fell 3.7% after Goldman downgraded it to “sell” from “neutral”. Goldman said it was cautiously optimistic about the long-term results of the company’s efforts to turn around its Chili’s chain, but thinks 2023 will be choppy in terms of sales and profit margins.



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