On this episode of Stock Movers:
- Hanesbrands (HBI) is lower after Gildan Activewear Inc. agreed to buy US underwear maker Hanesbrands Inc. for about $2.2 billion in cash and stock, in its largest ever acquisition. Canada-based Gildan is offering Hanesbrands holders roughly $6 a share, based on the companies’ closing prices on Aug. 11, according to a statement Wednesday. Including debt, the deal values Hanesbrands at about $4.4 billion.
- Palo Alto Networks (PANW) is the biggest upside mover in early trading. It got upgrades from Piper Sandler and Deutsche Bank, providing a pop to the stock.
- Eli Lilly (LLY) is higher after uncertainty surrounding the stock yesterday. The company recently launched an injector pen for Mounjaro, its weight-loss drug, for its starting dose in India as it continues to expand output.
- CoreWeave (CRWV) shares are lower and continues its trend downward from after-market trading following a disappointing earnings outlook, reflecting margin pressures from a rapid AI datacenter expansion. The company expects third-quarter operating income of $160 million to $190 million and has seen costs surge, with a more than 20-fold jump in losses to $131 million for the June quarter.
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