Stock futures edged down early Friday, pressured by renewed concerns over slowing global growth and reduced odds of an additional U.S. Federal Reserve rate cut this year.
Here are some of Friday’s biggest stock movers:
Biggest stock gainers
-
Cidara Therapeutics (CDTX) +92% – Shares surged after the Financial Times reported that Merck (MRK) is close to acquiring the biotech, which is developing a long-acting antibody to protect against the flu. A deal expected to come at a premium to Cidara’s $3.3B market cap could be announced as early as Friday if final negotiations don’t falter. Merck was reportedly competing with at least one other pharmaceutical bidder before its offer was selected, though the final purchase price remains unclear; the structure is expected to include upfront cash plus milestone-based payments tied to clinical progress.
Warner Bros. Discovery (WBD) +4% – Shares climbed after a WSJ report said Paramount Skydance (PSKY), Netflix (NFLX), and Comcast (CMCSA) are preparing first-round, non-binding bids for the entertainment giant ahead of the Nov. 20 deadline. Paramount reportedly intends to bid for the entire company, while Netflix and Comcast are focused on acquiring the Warner Bros. studios and HBO Max. Paramount has already made three prior bids, most recently at $23.50/share, all of which were rejected. Last month, WBD launched a strategic review following multiple unsolicited offers for both the entire company and its studio/streaming units
- Virgin Galactic (SPCE) +4% – Shares rose after the company beat top- and bottom-line estimates and narrowed its quarterly loss through lower operating expenses. Q4 revenue is expected to be about $300K, tied mainly to astronaut access fees, and free cash flow is projected to be between –$90M and –$100M. Management said spending will decline through Q3 2026 before rising ahead of commercial service in Q4 2026. CEO Michael Colglazier reaffirmed that the company remains on track to open its first sales tranche for future missions in Q1 2026 and reiterated its long-term model: with two SpaceShips capable of ~125 flights per year and ticket pricing at $600K per seat, Virgin Galactic expects roughly $450M in annual revenue and about $100M in adjusted EBITDA at scale.
Biggest stock losers
- Fossil Group (FOSL) -8% – Shares slipped after reporting mixed Q3 results marked by a 6.1% drop in net sales to $270.2M, as weakness in DTC sales (-27%) and restructuring of its physical retail network outweighed a slight increase in wholesale revenue; softness continued across the Americas and Europe, while Asia posted a 2% gain. The company reiterated its FY2025 outlook for mid-teens sales declines and adjusted operating margin around breakeven to slightly positive. It also noted the completion of its previously announced debt exchange, extending maturities by three years and adding $32.5M in incremental financing.
- Applied Materials (AMAT) -5% – Shares fell even as FQ4 results and its FY2026 outlook topped expectations. For FQ1, the company anticipated an adjusted EPS midpoint of $2.18 vs. $2.11 consensus and revenue between $6.35B and $7.35B, with the $6.85B midpoint above consensus. CFO Brice Hill said the company is positioning itself for notably stronger demand expected to materialize in the second half of calendar year 2026.