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Stock futures and Treasury yields advanced in the premarket hours of Monday despite Middle-East conflicts.
Here are some of Monday’s biggest stock movers:
Biggest stock gainers
- Shares of Goldman Sachs Group (GS) rose nearly 4% after exceeding expectations in Q1 results with top-line growth of more than 16% Y/Y, led by a 15.2% Y/Y rise in Global Banking & Markets net revenues, driven by strong performances in investment banking fees, fixed income, currency, commodities, and Commodities and Equities.
- Piedmont Lithium (PLL) shares jumped 23% after the North Carolina Department of Environmental Quality’s Division of Energy, Mineral, and Land Resources approved a mining permit for the Carolina Lithium project in Gaston County, North Carolina, ending a wait of more than two and a half years. The company aims to develop Carolina Lithium as one of the world’s most cost-effective and environmentally sustainable lithium hydroxide operations. Currently, PLL shares are trading 29.27% higher at 26.5 cents.
- Medical Properties Trust (MPW) stock soared 17% following the announcement of the sale of its majority interests in five Utah hospitals. A joint venture, in collaboration with an investment fund, acquired a 75% interest for $886M, while Medical Properties Trust retained a 25% interest. Additionally, the joint venture provided additional non-recourse secured financing of $190M in cash to the Real Estate Investment Trust (REIT). Proceeds from the transaction would be used to reduce debt and for general corporate purposes.
- Alcoa (AA) shares rose over 5% after the U.S. and U.K. announced new restrictions on trading in Russian aluminum, copper, and nickel. These measures are aimed at undermining Vladimir Putin’s ability to finance his military operations. The regulations prohibit the London Metal Exchange and the Chicago Mercantile Exchange from accepting new supplies of aluminum, copper, and nickel from Russia. Additionally, the U.S. is implementing a ban on Russian imports of all three metals. However, existing stocks of Russian metal on the LME and Comex will be exempted from the ban, allowing them to be traded and withdrawn to minimize the risk to market stability.
Biggest stock losers
- Shares of Neumora Therapeutics (NMRA) plunged 14% after the FDA placed a clinical hold on the trial of its investigational schizophrenia therapy, NMRA-266. The drug, a positive allosteric modulator of the M4 muscarinic receptor, is being developed for schizophrenia and other neuropsychiatric disorders. The Phase 1 trial, initiated in late last year, has been paused due to pre-clinical data showing convulsions in rabbits. Neumora is working with the FDA to resolve the clinical hold, and the company will provide an update on NMRA-266 when available. The Phase 1 study has been administered to approximately 30 participants, with no evidence of convulsions observed.
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