K, GOOGL, FLUT and more
Check out the companies making headlines in premarket trading. Kellanova — Shares rose more than 6% in the premarket after the foodmaker agreed to be acquired by snackmaker Mars for $83.50 per share in cash. The deal values Kellanova at about $36 billion and is expected to close in the first half of 2025. Alphabet — Shares were down more than 1% after Bloomberg News reported U.S. regulators are weighing a break-up of the tech giant. Per the report, which cites people with knowledge of the discussions, the unites most likely to be divested are Google’s Chrome browser and Android operating system if the Justice Department pushes for a break-up. Flutter — The FanDuel parent popped 6.3% after posting better-than-expected revenue in the second quarter and raising its full-year guidance. The sports betting company posted $3.61 billion in the second quarter, above the StreetAccount consensus forecast of $3.4 billion. Brinker International — Shares of the restaurant chain behind Chili’s plunged 15% after Brinker International posted fiscal fourth-quarter earnings that disappointed and issued weaker-than-expected full-year earnings guidance. Adjusted earnings of $1.61 per share came in below the FactSet consensus estimate of $1.72 earnings per share. For fiscal 2025, Brinker sees earnings per share of $4.35 to $4.75, below an estimate of $4.78. Arm Holdings — U.S. shares of the British chip designer added 1.7% after Intel sold its 1.18 million-share stake . Shares of Intel, whose move came amid restructuring and cost-cutting efforts, rose modestly before the bell. Cardinal Health — The health care company jumped 6.3% after reporting fiscal fourth-quarter results that beat expectations. Cardinal earned $1.84 per share, excluding items, on $59.87 billion in revenue, while analysts polled by StreetAccount anticipated $1.73 a share and $58.64 billion. The Ohio-based company also raised its full-year guidance for earnings per share. Starbucks — Shares pulled back about 0.3% in premarket trading, a day after jumped 24.5% on the coffee chain’s announcement that it will replace its current CEO with Chipotle chief Brian Niccol. Analysts across several firms, including Deutsche Bank and Stifel, upgraded the stock to reflect their bullish outlook on the leadership transition. EQT — The natural gas stock ticked higher by 1.1% on the heels of a Wells Fargo upgrade to overweight from equal weight. Wells Fargo said the call comes after a completed merger and earnings last month. Illumina — Shares added 1.5% following an upgrade at TD Cowen to buy from hold. The firm said the biotech company’s recent management change and guidance reset can help propel the stock higher. — CNBC’s Fred Imbert, Michelle Fox, Pia Singh and Sarah Min contributed reporting.
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