Check out the companies making the biggest moves in premarket trading: PepsiCo — The snack and beverage giant rose nearly 6% after activist investor Elliott Management took a $4 billion stake in the company, touting a “rare” and “historic” opportunity for a turnaround at the iconic soft drink and snack company. The investment by Elliott, founded by Paul Singer, was first reported by The Wall Street Journal . Elliott, now one of Pepsi’s five largest active investors, sent a presentation and letter to Pepsi’s board of directors Tuesday, detailing an agenda for restoring business momentum. Kraft Heinz — The company confirmed earlier reports that it would split up into two publicly traded companies through a tax-free spinoff. The names of the two new companies will be determined at a later date. One unit, which currently goes by Global Taste Elevation, will include Kraft’s shelf-stable products such as Heinz and Kraft Mac & Cheese. The other one, North American Grocery, will include brands such as Oscar Mayer and Lunchables. Shares were little changed. Constellation Brands — The stock tumbled 8.3% after the brewer cut its full-year guidance. It now expects earnings to come in between $10.77 and $11.07 per share, down from its prior guidance of between $12.07 and $12.37 per share. Signet Jewelers — The jeweler popped 3.8% on better-than-expected results for the second quarter. Signet earned $1.61 per share, excluding certain items, on revenue of $1.54 billion. Analysts polled by FactSet expected a profit of $1.24 per share on revenue of $1.5 billion. The company also increased its full-year earnings guidance. Nio — U.S.-listed shares of the Chinese electric-vehicle maker moved 1.5% higher. Nio had 31,305 deliveries in August, a new record . However, the company posted disappointing adjusted earnings and revenue for its second quarter. Air Lease — Shares rose more than 6% after the aircraft leasing company reached a merger deal with Apollo, Brookfield, SMBC Aviation Capital and Sumitomo. The deal, which is expected to close in the first half of next year, values the company at about $28.2 billion, including debt. Cytokinetics — The late-stage biopharmaceutical company soared 27% after it said a clinical trial of its heart disease drug, aficamten, showed a meaningful improvement in patients with symptomatic obstructive hypertrophic cardiomyopathy, than the standard of care, metoprolol. Lam Research — The stock fell 3.7% following a downgrade at Morgan Stanley to underweight from equal weight. The bank said it doesn’t expect Lam Research to sustain growth into 2026. Corning — The glass manufacturer gained 1.3% after UBS upgraded the stock to buy from neutral, citing ongoing artificial intelligence-driven growth. Biogen — The biopharma stock added 1.6% after Biogen and Eisai said the U.S. Food and Drug Administration approved an injectable version of their Alzheimer’s disease drug, Leqembi. Alibaba — U.S.-listed shares of the Hong Kong-based technology giant added 1%. Last week, Alibaba reported earnings and CNBC reported, citing people familiar, that the company was developing a new artificial intelligence chip . Newmont — The gold miner gained 2% after the precious metal hit a record high of $3,508.50 earlier in Tuesday’s session. — CNBC’s Fred Imbert and Alex Harring contributed reporting.
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Our finance blog is your go-to resource for expert financial advice, covering everything from personal budgeting and saving strategies to smart investing and market analysis. Stay updated with the latest trends, tips, and insights to help you make informed decisions and achieve financial success.
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