M&A activity provided a key catalyst in Tuesday's pre-market trading, as Wall Street got back to work after the long holiday weekend. Tupperware Brands ( TUP ) and AST Spacemobile ( ASTS ) both pushed higher after announcing separate divestiture deals.
Meanwhile, AstraZeneca ( AZN ) saw its stock slip following an agreement to buy a blood cancer drug maker.
In other news, American Airlines ( NASDAQ: AAL ) also lost ground before the opening bell. News of a computer glitch that canceled flights dragged the stock lower.
Gainers
Tupperware Brands ( TUP ) gained ground in pre-market trading, rising more than 6% after reaching a deal to sell its skincare and cosmetics brand Nutrimetics. The buyer is New Zealand-based wellness and nutritional product manufacturer and exporter New Image Group.
AST Spacemobile ( ASTS ) also received a boost on divestiture news, climbing almost 4% before the opening bell. The company agreed to sell its majority ownership in NanoAvionics, a Lithuania-based smallsat mission integrator and bus manufacturer.
Under the deal, the company will sell its stake to Kongsberg Defence & Aerospace, a move that is expected to generate about $28M of net proceeds. The deal is set to close in Q3.
Decliners
American Airlines ( AAL ) edged lower in pre-market trading after its holiday travel schedule was marred by news of a computer glitch. The issue caused the cancellation of about 12K flights , although the company said it has largely corrected the problem.
“As a result of this technical glitch, certain trip trading transactions were able to be processed when it shouldn’t have been permitted,” the airline told CNBC. “We have already restored the vast majority of the affected trips and do not anticipate any operational impact because of this issue.”
Share of AAL slipped nearly 2% before the opening bell.
AstraZeneca ( AZN ) ticked lower as well, losing ground after announcing a deal to acquire blood cancer drug maker TeneoTwo. The agreement calls for AZN to pay $100M in an upfront payment, along with potential milestone payments worth up to about $1.1B.
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Hot Stocks: AAL dips on computer glitch; TUP, ASTS rise on divestitures; AZN makes acquisition