Stock futures edged higher Wednesday as investors awaited progress on stimulus talks, fresh guidance from the Federal Reserve and key economic data.
Here are some of the top movers during premarket trading on Wednesday.
1. Tilray TLRY | Up 20.71%
Cannabis giants Aphria (APHA) – Get Report and Tilray (TLRY) – Get Report on Wednesday revealed plans to join forces in an all-stock deal that will create the world’s biggest marijuana production and distribution company.
2. Aphria APHA | Up 11.45%
Shares of Aphria (APHA) – Get Report rose after the company announced a deal to combine forces with Tilray.
The merger will create a new powerhouse in the pot industry, with an equity value of about C$4.8 billion ($3.8 billion).
3. Twitter TWTR | Up 3.43%
Twitter (TWTR) – Get Report rose Wednesday after shares of the social media company were upgraded to overweight from neutral by J.P. Morgan. Analyst Douglas Anmuth raised Twitter’s price target 23% to $65.
The stock closed Tuesday at $52.82.
4. JetBlue JBLU | Down 1.75%
Shares of JetBlue (JBLU) – Get Report dropped Wednesday after J.P. Morgan downgraded its rating on the stock to underweight from overweight and lowered its price target to $14 from $16.
Analyst Jamie Baker said the recent rally in airline shares has diminished the potential upside to its price targets on the stocks.
5. Stanley Black & Decker SWK | Up 3.48%
Stanley Black & Decker (SWK) – Get Report boosted its fourth-quarter sales and cash flow forecasts Wednesday thanks in part to stronger-than-expected industrial demand from its tool and storage business.
“These revised assumptions are a result of stronger demand across North America, Europe and emerging markets in Tools and Storage as well as a stronger performance in Engineered Fastening and Attachment Tools within Industrial,” the company said in a filing with the Securities and Exchange Commission.
