Stock futures ticked higher Tuesday morning as markets navigated Trump’s new 10% global tariffs, which went live at midnight, using Trade Act authority after the Supreme Court blocked his prior reciprocal levies.
Here are some of Tuesday’s biggest stock movers:
Biggest stock gainers
- Vir Biotechnology (VIR) +58% – Shares surged after announcing a partnership with Astellas Pharma (ALPMF) to develop and commercialize its CD3 T-cell engager VIR-5500 for metastatic castration-resistant prostate cancer. The deal includes $335M in upfront and near-term payments, up to $1.37B in milestones, and tiered double-digit royalties, with Astellas leading commercialization and covering 60% of development costs. Sentiment was further supported by encouraging early clinical data showing dose-dependent anti-tumor activity and strong PSA reductions, alongside better-than-expected Q4 results with sharply higher revenue and a narrower loss.
- Innovative Industrial Properties (IIPR) +4% – Shares rose after the REIT reported Q4 earnings and revenue above expectations, supported by progress in portfolio diversification, balance-sheet strengthening, and tenant resolutions. Management highlighted its strategic investment in IQHQ, the launch of a new $100M revolving credit facility, and continued leasing activity as signs of improving portfolio stability and demand, with Executive Chairman Alan Gold emphasizing disciplined capital allocation and ongoing operational cleanup.
Biggest stock losers
- Hims & Hers Health (HIMS) -8% – Shares tumbled after the company’s Q4 results beat on revenue, but its near-term outlook disappointed investors. The telehealth provider guided Q1 2026 revenue to $600M–$625M, well below the ~$653M consensus, while full-year 2026 revenue guidance of $2.7B–$2.9B was only roughly in line. Sentiment was further pressured after the company disclosed it received an SEC enforcement letter related to its disclosures around compounded semaglutide and related business relationships. Management said it is cooperating and cannot estimate any financial impact, while CEO Andrew Dudum stressed that the firm’s broader weight-loss and medication portfolio should remain durable even if compounded GLP-1 products face tighter regulation.
- Whirlpool (WHR) -8% – Shares dipped after the company announced concurrent underwritten offerings of common stock and depositary shares tied to newly issued Series A mandatory convertible preferred stock, expected to raise roughly $800M. The proceeds will be used primarily to repay borrowings under its revolving credit facility and support general corporate needs, including investments in vertical integration and automation. The preferred shares carry a $1,000 liquidation preference and are set to automatically convert into a variable number of common shares around February 15, 2029, a structure that raised dilution concerns and pressured the stock.