Check out the companies making headlines before the bell. Arcellx — The biotech stock surged 78% after Gilead Sciences said Monday it agreed to acquire Arcellx for $7.8 billion, offering $115 per share in cash at closing and one contingent value right of $5 per share. Arcellx focuses on immunotherapies for patients with cancer and others with incurable diseases. The deal is expected to close in the second quarter. Novo Nordisk , Eli Lilly — Novo Nordisk sank 14% after its weight-loss drug CagriSema failed to match Eli Lilly’s in a recent trial. Eli Lilly shares rose nearly 3%. Domino’s Pizza — The pizza chain gained 4% after U.S. sales for the fourth quarter grew 3.7%, topping a FactSet consensus estimate of 3.1%. Overall revenue for Q4 also beat expectations, coming in at $1.54 billion versus the $1.52 billion estimate. Fortune Brands Innovations — The stock jumped 4% after The Wall Street Journal reported that investor Ed Garden built a stake in Fortune Brands and seeks to replace the company’s incoming CEO. VF Corp — The stock fell about 3.5% after the global apparel, footwear and accessories company was downgraded by JPMorgan. The analysts said that Vans’ brand recovery could take considerable time, with sales in wholesalers and direct-to-consumer stores seemingly poised for a double-digit decline. Software stocks — Several software stocks fell after being downgraded to “hold” by Jefferies. The investment firm noted that the names exhibited more persistent risk and negative sentiment, based on its analysts’ artificial intelligence risk framework and other company-specific factors. Monday.com and Freshworks fell 3%, while DocuSign shed 2% and Workday lost more than 1%. Airline Stocks — United Airlines , American Airlines and Delta Air Lines edged down 1% after the airlines were forced to cancel flights across the U.S. due to a massive snowstorm hitting the northeast region of the country. In Long Island, New York, around 20 inches of snow were reported to have fallen, according to the New York Times .
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Thursday, March 12
