By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, May 23rd. Please refresh for updates.
VMware (NYSE:VMW) stock soared 23% after the Wall Street Journal reported that Broadcom (NASDAQ:AVGO), down 4.8%, was in advanced talks to buy the cloud computing company in what could become of the year’s biggest deal.
Bank of America (NYSE:BAC) stock rose 1.3% after the country’s second largest bank by assets announced it was raising its U.S. minimum hourly wage to $22 on Monday, a step closer to its promise of paying workers $25 an hour by 2025.
JPMorgan (NYSE:JPM) stock rose 1.6% after the investment bank lifted its outlook for net interest income and affirmed its target for its return on tangible capital equity, taking a more optimistic stance.
Eli Lilly (NYSE:LLY) stock rose 1.5% after SVB Securities assumed coverage of the drugmaker at ‘outperform’, saying its new “game-changing” diabetes drug, which may also combat obesity, could lead to strong gains.
Pfizer (NYSE:PFE) stock rose 0.7% and BioNTech (NASDAQ:BNTX) stock climbed 2.1% after the drugmakers said that three doses of their COVID-19 vaccine generated a strong immune response in children under the age of five in their clinical trial.
Tesla (NASDAQ:TSLA) stock fell almost 1% after Reuters reported, citing an internal memo, that the electric carmaker plans to restore production at its Shanghai plant to the level at which it had operated before the city's COVID-19 lockdown by Tuesday, a day later than earlier indicated.
Electronic Arts (NASDAQ:EA) stock rose 3.5% following reports that the video game company is actively seeking a buyer or merger partner.
- GameStop (NYSE:GME) stock rose 2.6% after the video game retailer unveiled a digital asset wallet for storing, sending, and receiving crypto and non-fungible tokens ahead of the launch of its NFT marketplace later this year.