Biggest stock movers Monday: PFE and ALTM

Stock futures were trading lower on Monday morning, setting the stage for a potentially volatile week. Investors are closely watching for the release of Consumer Price Index (CPI) data and the start of Q3 earnings season.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

• Pfizer (PFE) shares rose nearly 3% following news that activist investor Starboard Value has acquired an approximately $1B stake in the company. Starboard is reportedly pushing for changes within Pfizer. According to a Sunday report from the Wall Street Journal, Starboard has reached out to former Pfizer executives Ian Read and Frank D’Amelio to help the activist in its campaign, and the executives have expressed interest in helping the activist.
• Shares of Arcadium Lithium (ALTM) surged 28% after confirmation that mining giant Rio Tinto (RIO) had expressed interest in acquiring the lithium producer. Both companies acknowledged the approach but emphasized that the discussions are non-binding and there is no certainty that a transaction will be finalized or proceed. In separate statements, the companies reiterated that no additional details would be disclosed unless there is significant news to share. According to a report by Reuters published on Friday, the firms have been in talks, with Arcadium potentially being valued between $4B and $6B.