Premarket movers: Macy's, Cigna climb; Sea Ltd ADRs fall

December 12, 2023 12:22 AM AEDT | By Investing

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Premarket movers: Macy's, Cigna climb; Sea Ltd ADRs fall

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Investing.com -- U.S. stock futures were little changed on Monday as investors geared up for the Federal Reserve's upcoming two-day policy meeting later this week.

Here are some of the biggest U.S. stock movers in premarket trading today. Please check back later for updates:

Macy’s (NYSE:M) shares surged on reports of a $5.8 billion buyout offer from real estate-focused investing business Arkhouse Management and global asset manager Brigade Capital Management.

U.S. health insurer Cigna (NYSE:CI) shares gained after it reportedly ended talks to acquire peer Humana (NYSE:HUM), pulling the plug on a deal that would have created an insurance behemoth worth over $140 billion. Cigna also unveiled an additional $10 billion in share buybacks.

Sea Ltd ADRs (NYSE:SE) dropped after ByteDance's TikTok said it will merge its Indonesian e-commerce business with GoTo's Tokopedia. The announcement fueled concerns around increased competition for the tech conglomerate's e-commerce subsidiary in Indonesia.

Nike (NYSE:NKE) shares climbed after Citi improved its rating of the athletic apparel business to "buy" from "neutral," citing signs of margin recovery in a "choppy" macroeconomic environment.

Snap (NYSE:SNAP) shares were higher after Wells Fargo (NYSE:WFC) analysts raised their recommendation of the social media platform to "overweight" from "equal-weight."

Affimed (NASDAQ:AFMD) shares slumped, paring back earlier gains, after the drugmaker said it would discontinue enrollment in two trial cohorts for its AFM24-102 lung cancer treatment.

This article first appeared in Investing.com

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