It’s a quieter Monday with fewer presidential tweets. (Donald Trump’s tweets affect the market, but only for a short time, according to Barron’s.) But that’s not to say there wasn’t any news.
Stock in AT&T took off, rising more than 7%, after the activist investor Elliott Management, a holder of stock in the telecommunications firm, released a letter to the board laying out a series of potential changes that it said could bring gains of as much as 65% for the stock.
Acadia Pharmaceuticals stock (ticker: ACAD) was the biggest Monday mover in the early morning. Shares were up almost 100% in premarket trading as investors welcomed the news that the company stopped a late-stage drug-development trial for dementia-related psychosis early because results were positive.
Mallinckrodt (MNK) shares rose by about 9% to $2.03 a share. The stock has been buffeted by legal problems associated with the opioid crisis. Shares of the drugmaker are down about 88% year to date, based on Friday’s closing price.
Some stocks outside of health care may move after Wall Street changed ratings on the company. Las Vegas Sands (LVS) shares were upgraded at Deutsche Bank. Shares of E*Trade Financial (ETFC) were downgraded at Keefe, Bruyette & Woods. Sands shares were unchanged in premarket trading, E*Trade stock was down 0.8%