Stock futures were mixed Wednesday as Wall Street bet Democrats would win the U.S. Senate and as U.S.-China tensions again ratcheted higher.
Here are some of the top movers during premarket trading on Wednesday.
1. Tesla TSLA | Up 3.15%
Shares of Tesla (TSLA) – Get Report rose Wednesday after a price target boost from analysts at Morgan Stanley and the potential for Democratic control of the Senate that would favor legislation for the electric vehicle industry.
Morgan Stanley analyst Adam Jonas lifted his price target on Tesla to $870 a share, dubbing the electric vehicle maker the industry’s “chosen one” thanks to its “people, its technology, business model and access to capital.”
2. Alibaba BABA | Down 1.46%
U.S.-listed shares of Alibaba (BABA) – Get Report fell Wednesday after the company said it plans to raise at least $5 billion through the sale of a U.S. dollar-denominated bond this month, Reuters reported.
Proceeds from the offering could reach $8 billion depending on investor response, one person close to the matter told Reuters. The company likely would use the funds for general corporate expenses.
3. UnitedHealth UNH | Down 1.28%
UnitedHealth will pay $25.75 a share in cash, a 41% premium over Change Healthcare’s closing price Tuesday of $18.24.
The deal will combine Change Healthcare with UnitedHealth’s OptumInsight unit to offer software, data analytics, technology and other services to the health care industry, the companies said.
4. Change Healthcare CHNG | Up 35.31%
Shares of Change Healthcare (CHNG) – Get Report soared in premarket trading Wednesday after the health technology giant agreed to be purchased by UnitedHealth.
5. Walgreens WBA | Up 1.51%
Shares of Walgreens Boots Alliance (WBA) – Get Report rose after the company agreed to sell its healthcare distribution business to AmerisourceBergen (ABC) – Get Report for around $6.5 billion.
Walgreens said the majority-cash deal will allow it to focus on its core retail pharmacy business while strengthening and expanding its partnership with AmerisourceBergen.
Walgreens will receive $6.275 billion in cash and 2 million shares in AmerisourceBergen common stock for the sale of its Alliance Healthcare business.