Check out the companies making headlines in pre-market trading. Kellanova — Shares of the food maker rose more than 6% in premarket trading after it agreed to be acquired by snack maker Mars for $83.50 per share in cash. The deal values Kellanova at approximately $36 billion and is expected to close in the first half of 2025. The report quoted people familiar with the matter as saying that if the Department of Justice pushes for a breakup, the businesses most likely to be divested are Google’s Chrome browser and Android operating system. Flutter-FanDuel’s stock price rose 6.3% after the parent company reported better-than-expected second-quarter revenue and raised its full-year guidance. The sportsbook’s second-quarter revenue was $3.61 billion, topping StreetAccount’s consensus forecast of $3.4 billion. Brinker International — Brinker International, the restaurant chain behind Chili’s, reported disappointing fourth-quarter earnings and issued weaker-than-expected full-year profit guidance, sending its shares plummeting 15%. Adjusted earnings of $1.61 per share were below the FactSet consensus estimate of $1.72 per share. Brinker expects fiscal 2025 earnings per share of $4.35 to $4.75, below expectations of $4.78. Arm Holdings – U.S. shares of the British chip designer rose 1.7% after Intel sold 1.18 million of its shares. Intel’s shares were slightly higher in premarket trading amid efforts to restructure and cut costs. Cardinal Health — Shares of Cardinal Health rose 6.3% after the health care company reported fiscal fourth-quarter results that beat expectations. Cardinal earned $1.84 per share, excluding items, on revenue of $59.87 billion, while analysts polled by StreetAccount expected earnings of $1.73 per share on revenue of $58.64 billion. The Ohio-based company also raised its full-year earnings per share guidance. Starbucks — Shares of Starbucks fell about 0.3% in premarket trading after the coffee chain announced it would replace Chipotle CEO Brian Niccol as its current chief executive, a day after rising 24.5%. Analysts at several firms, including Deutsche Bank and Stifel, upgraded the stock to reflect their optimistic outlook on the leadership transition. EQT — Natural gas stocks rose 1.1% after Wells Fargo upgraded the stock to overweight from equal weight. Wells Fargo said the call came after it completed the merger and reported earnings last month. Illumina — Shares of Illumina rose 1.5% after TD Cowen upgraded the stock to buy from hold. The biotech’s recent management changes and guidance reset could help drive shares higher, the company said. —CNBC’s Fred Imbert, Michelle Fox, Pia Singh and Sarah Min contributed reporting.
