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Stock futures were trading higher in the pre-market hours on Monday, continuing the momentum from last week’s record highs, driven by excitement surrounding advancements in artificial intelligence.
Here are some of Monday’s biggest stock movers:
Biggest stock gainers
- RXO (NYSE:RXO) shares surged 15% after announcing the acquisition of Coyote Logistics from UPS (UPS) for $1.025B, making it the third-largest provider of brokered transportation in North America. This acquisition will strengthen RXO’s market position and broaden its client base and carrier network. The acquisition is expected to provide RXO (RXO) with both immediate and long-term potential for revenue and earnings growth, as well as large returns to shareholders. The deal is anticipated to close by the end of the year.
- Prudential plc (NYSE:PUK) shares rose nearly 6% after announcing plans to buy back $2B of stock by mid-2026. The company’s CEO, Anil Wadhwani, stated that progress towards financial objectives will increase the potential for further cash returns to shareholders. The company’s dividend policy remains unchanged, with the board expecting 7%–9% annual dividend growth in 2024. Shares will be repurchased through the London Stock Exchange or other venues and canceled.
Biggest stock losers
- ResMed (NYSE:RMD), which dominates the market for CPAP (continuous positive airway pressure) machines, an FDA-approved solution for obstructive sleep apnea (OSA), plunged more than 10% after Eli Lilly announced an FDA decision on a potential label expansion for its weight loss therapy, tirzepatide, against OSA. The announcement coincided with the results of its Phase 3 SURMOUNT-OSA program, where tirzepatide achieved its main goals with or without PAP therapy. The Indiana-based drugmaker has already submitted regulatory filings with the FDA for a label expansion for OSA and obesity.