Stock index futures were largely unchanged as traders awaited the key monetary policy decision from the Federal Reserve. Here are four stocks to watch on the day:
Rithm Capital (RITM) stock rose 0.8% in premarket trade as it said it will acquire the REIT Paramount Group for ~$1.6B. The company is set to acquire all the outstanding shares of Paramount for $6.60 per fully diluted share. The deal will be funded with a combination of cash and liquidity from Rithm’s balance sheet and potential opportunities from co-investors.
Eli Lilly (LLY) shares fell 1.7% before the opening bell as it posted detailed data from its ATTAIN-1 Phase 3 trial for its oral GLP-1 receptor agonist, orforglipron. This was presented at a European medical event and simultaneously published in The New England Journal of Medicine. Shares of the drugmaker slipped last month after the initial results from the 72-week trial, which tested orforglipron at 6 mg, 12 mg, and 36 mg as monotherapy in obese or overweight adults with at least one weight-related medical condition and no diabetes.
FedEx (FDX) was down 0.5% in premarket trade as Evercore ISI downgraded its ratings on the parcel delivery stock to an In Line rating after having it set at Outperform. The firm pointed to ongoing demand headwinds for the company that are seen as likely to provide greater risk to near-term EPS estimates.
General Mills (GIS) fell 2.2% in extended trading after the Minnesota-based company posted a mixed FQ1 earnings report. The company topped profit estimates but came up short of expectations with its revenue and organic sales marks.