Alistair Berg
Markets are poised to open in the green, with stock futures up on Monday, as trade negotiations progress. Here are four stocks to keep an eye on:
Eli Lilly (LLY) shares were up 0.2% in premarket trade, even as it is now facing its first major competitor in China. Suzhou-based Innovent Biologics gained regulatory approval last week for its obesity treatment, mazdutide. Competition in the obesity treatment category is expected to heat up. The Chinese company ran large clinical trials suggesting that in local patients, it appeared just as effective as Lilly’s (LLY) bestselling Zepbound in helping patients lose weight. The news from China will also keep the pressure on Novo Nordisk (NVO).
Home Depot (HD) stock will be under the radar as it signed a deal to acquire GMS (NYSE:GMS) for $5.5B. The home improvement retailer beat out building products distributor QXO (QXO) for GMS (GMS), which made an unsolicited all-cash offer of $95.20 per share.
Amazon (AMZN) shares were up 0.1% in premarket trade despite the firm losing the rights to sell Nintendo (OTCPK:NTDOY) products on its U.S. website amid a conflict over third-party sales on the e-commerce giant’s marketplace. Reports suggested that the dispute between the two stems from merchants buying Nintendo products in bulk in Southeast Asia and selling them at discounted prices on Amazon’s (AMZN) marketplace.
Palantir (PLTR) shares will be in focus as the firm is expected to stage a rebound on Monday after closing 9.4% lower on Friday. Last week, the company saw a bit of volatility, as before the selloff on Friday, it had hit its highest level on record on Wednesday. Palantir (PLTR) on Monday also tapped Accenture’s (NYSE:ACN) federal services arm as its preferred implementation partner for U.S. federal government customers.