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Stock futures remained largely unchanged in premarket action on Wednesday, following the S&P 500’s historic close above 5,500 and the Nasdaq Composite’s first-ever close above 18,000 points.
Here are some of Wednesday’s biggest stock movers:
Biggest stock gainers
- After closing higher in the previous session, Class A (NASDAQ:PARAA) and Class B (NASDAQ:PARA) shares of Paramount Global continued to rise, gaining nearly 4% and 8%, respectively, in Tuesday’s premarket hours. This uptick came after news that its parent company, National Amusements, had reached preliminary terms to merge Paramount with Skydance Media, a deal that had previously fallen through last month. According to the preliminary agreement, Skydance would pay $1.75B to National Amusements, which controls 77% of Paramount’s voting shares, and a 45-day “go-shop” period would be provided for other bidders to submit their offers. Other interested parties in acquiring National Amusements include film producer Steven Paul, Seagram heir Edgar Bronfman Jr., and Barry Diller from IAC.
- CureVac N.V. (NASDAQ:CVAC) shares surged 16% after announcing a 30% workforce reduction as part of a restructuring initiative, coinciding with GSK (GSK) acquiring full rights to develop, manufacture, and commercialize globally mRNA candidate vaccines for influenza and COVID-19 for €1.45B plus royalties. This new agreement extends CureVac’s cash runway into 2028, as the company aims to deliver two or more clinical candidates by the end of 2025 and initiate at least two new Phase 1 studies by the end of 2026. The deal replaces all previous financial considerations between GSK and CureVac, while allowing them to retain rights for other diseases and develop new mRNA vaccines independently.
Biggest stock losers
- First Foundation (NYSE:FFWM) shares plunged over 25% after the company announced a $228M equity investment led by Fortress Investment Group, Canyon Partners, Strategic Value Bank Partners, and North Reef Capital. The investment is intended to position First Foundation for long-term growth and profitability and will add four new directors to the Board of Directors, with Simone Lagomarsino taking over as the new President of the Bank.