Novo Nordisk, Bristol-Myers and Uber rose premarket; Performance Food falls

Investing.com -- U.S. stock futures edged higher Monday, with confidence returning to the market on increased optimism of a Federal Reserve interest rate reduction next month.

Here are some of the biggest premarket U.S. stock movers today:

• Novo Nordisk (NYSE:NVO) stock slumped 10% after the Danish pharmaceutical company announced disappointing results from its Alzheimer’s disease clinical trials. Rival Biogen’s shares jumped 4.8%.

• Bristol-Myers Squibb (NYSE:BMY) stock gained 3.9% after European rival Bayer unveiled positive late-stage data for its cardiovascular drug.

• Uber (NYSE:UBER) stock rose 0.2% after Reuters reported the ride-hailing and food delivery company has reached agreement on key elements of a deal to acquire Turkish delivery company Getir’s food business from Emirati controlling shareholder Mubadala.

• Kohl’s (NYSE:KSS) stock rose 1% after Bloomberg reported that the struggling department-store retailer is expected to appoint Michael Bender as its permanent chief executive.

• Alibaba (NYSE:BABA) stock rose 3.9% after the Chinese e-commerce giant’s revamped consumer AI app, Qwen, registered a very strong start in public beta, sparking fresh investor optimism about its push into the generative-AI market.

• Booking Holdings (NASDAQ:BKNG) stock rose 1.5% after Bank of America upgraded its stance on the travel technology company to “buy” from “hold”, concluding that concerns around artificial intelligence are weighing too heavily on sentiment.

• Performance Food Group (NYSE:PFGC) fell 2.7% after the food distributing group announced that it will no longer be pursuing a potential merger with US Foods (NYSE:USFD), having been discussing a potential deal since July.

• WeRide (NASDAQ:WRD) stock rose 8.9% after the autonomous driving technology company narrowed its third-quarter net loss on increased robotaxi orders, as it races for a slice of the growing global market for driverless cabs.

• MP Materials (NYSE:MP) stock gained 2.8% after BMO upgraded its recommendation on the mining company to “outperform” from “market perform”, saying its recent pullback offers a buying opportunity into the long-term theme of the U.S. shoring up its rare-earth supply chain.