Morning Movers: Tilray rises as Trump touts CBD benefits for seniors

Stock futures rose on Monday as investors weighed the potential impact of a possible U.S. government shutdown, which threatens to delay the release of the monthly employment data. While markets have typically brushed off shutdowns in recent history, the broader economic landscape is leaving some concerned that this time could be different. Stocks ended last week in the red, and the benchmark S&P 500 recorded its first losing week in four weeks.

In pre-market trading, S&P 500 futures rose 0.5%, Nasdaq futures rose 0.5% and Dow futures rose 0.4%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly, and subscribe to the Fly By on YouTube.

HIGHER – 

• Merus (MRUS) up 37% after Danish biotechnology group Genmab (GMAB) announced a deal to buy the company for $8B
• Tilray (TLRY) up 18%, with other cannabis stocks also up, after President Donald Trump posted a video on social media Sunday that touts medical benefits of “hemp-derived CBD” for seniors
• EA (EA) up 5% after agreeing to be acquired for $55B by PIF, Silver Lake, and Affinity Partners
• Occidental Petroleum (OXY) up 2% after the Financial Times reported that the company is in talks to sell its OxyChem petrochemical unit in a deal worth at least $10B
• USA Rare Earth (USAR) up 7% after the company agreed to acquire LCM in a cash and stock deal
• Lam Research (LRCX) up 3% after Deutsche Bank upgraded the stock to Buy from Hold

LOWER – 

• MoonLake Immunotherapeutics (MLTX) down 88% following disappointing late-stage clinical trial data on the company’s experimental drug to treat hidradenitis suppurativa
• Novo Nordisk (NVO) down 3% after Morgan Stanley downgraded the stock to Underweight from Equal Weight
• Oracle (ORCL) down 1% after Reuters reported Friday that ByteDance will play a bigger than expected role in the new TikTok entity that is set to be sold to U.S. and global investors to address U.S. national security concerns
• Intel (INTC) down 3% after Deutsche Bank said the company’s recent actions reflect an “aggressive pursuit” to strengthen the balance sheet “at all costs”