Investing.com - Stocks in focus in premarket trading on Tuesday:
• Allergan (NYSE:AGN) stock surged 31.1% by 8:20 AM ET (12:20 GMT) in premarket trading after the Wall Street Journal reported that AbbVie (NYSE:ABBV) is nearing a deal to buy the Botox-maker for $60 billion, a 45% premium over Allergan’s closing share price on Monday. AbbVie is nearing the end of patent protection for its arthritis drug, Humira, and the deal would allow it to diversify its portfolio. AbbVie fell 8.7%
• Walmart (NYSE:WMT) stock was unmoved even after Norway’s central bank said the country’s sovereign wealth fund can once again invest in Walmart and five other companies that had been excluded from its list due to concerns of possible human rights violations.
• FedEx (NYSE:FDX) stock slipped 0.6%, extending losses after slipping 2.7% on Monday, when it announced a lawsuit against the U.S. Commerce Department over the White House ban on exports to some Chinese companies. FedEx is expected to report its quarterly earnings after the close.
• Tesla (NASDAQ:TSLA) stock inched up 0.1% after Reuters reported the electric car company was given a waiver on 10% tariffs on aluminum imported from Japan.
• Lennar (NYSE:LEN) stock gained 4.2% after it reported a better-than-expected fiscal second quarter, in which home sales were boosted by lower mortgage rates.
• Grubhub (NYSE:GRUB) stock rose 4.7% after it was upgraded to “buy/high risk” from “neutral” at Citi, which cited its growth prospects and potential partnerships with large chains such as McDonald’s (NYSE:MCD) and Starbucks (NASDAQ:SBUX).