Biggest stock movers today: PARA, INCY, and more (NASDAQ:PARA)

Stock futures edged lower in the premarket hours of Tuesday ahead of the JOLTS report due later today.

Here are some of Tuesday’s biggest stock movers:

Biggest stock gainers

Paramount Global (NASDAQ:PARA) shares rose nearly 3% following a report that media mogul Barry Diller and his company IAC Inc. were exploring a bid to take control of the entertainment giant. IAC has signed a non-disclosure agreement with Paramount’s controlling shareholder, National Amusements. The agreements were signed after Paramount’s deal to sell Skydance Media fell through last month. The report follows CNBC’s earlier report that Paramount was in discussions to merge its streaming offering Paramount+, with a partner streamer, with Warner Bros. Discovery being a potential joint-venture partner.

WideOpenWest’s (NYSE:WOW) stock price dropped 5% after Raymond James downgraded the cable and internet provider from Market Perform to Underperform, citing limited upside and skepticism about a higher acquisition bid than the current $4.80 offer. The analyst believes hidden costs could eat into the deal’s value and recommends looking elsewhere for better investment opportunities.
Incyte (NASDAQ:INCY) shares fell more than 3% after BMO Capital Markets downgraded the drugmaker to Underperform from prior Market Perform, giving it its only negative analyst rating. Analyst Evan Seigerman downgraded the stock, citing several reasons: a recent buyback that hinders acquisition and pipeline growth, limited improvement in shareholder value, pipeline failures, and increased competition for their atopic dermatitis cream opzelura. Seigerman set a price target of $48, implying a 21% decrease from Monday’s close.