Stocks moving “before the bell” skewed toward company-specific catalysts rather than broad index action, with several names reacting sharply to upgrades, corporate actions, deal chatter, and restructuring updates. IBM and Edgewell posted strong gains, while AMC, Qualcomm, and Primoris Services led the declines as investors digested headlines around financing, potential acquisitions, and guidance.
Key takeaways
- IBM rose more than 4% after JPMorgan upgraded the stock to overweight, citing strength in recurring software revenue and cash flow.
- AMC fell 21% after entering a definitive agreement to sell 95.3 million shares, raising about $200 million.
- Qualcomm dropped about 6% following a Bloomberg report that it is in advanced talks to buy AI software infrastructure company Modular in a deal valued at about $4 billion.
- Oracle slid about 2% after disclosing it cut 21,000 jobs (nearly 13% of its workforce) over the past year.
- Primoris Services sank 36% as the company lowered guidance on renewables cost overruns and delays and announced the departure of its COO.
What drove the premarket moves
JPMorgan’s upgrade lifted IBM as shares climbed more than 4%. According to the bank, software remains the key driver of improving recurring revenue, margins, profitability, and cash flow. The upgrade added a near-term positive tone for investors looking for resilience in legacy technology stocks during a wider sector selloff.
AMC’s capital raise pressured the stock. The movie theater chain fell 21% after it said it entered a definitive agreement with certain institutional investors to sell 95.3 million shares of common stock for roughly $200 million. The share sale, which AMC said it arranged in a formal agreement, was the dominant factor investors weighed, given the potential for dilution against already-stretched equity sentiment. The stock last closed at $2.76 before the move.
Deal talk weighed on Qualcomm. Qualcomm shares slid 6% after Bloomberg News, citing people familiar with the matter, reported the company is in advanced talks to acquire Modular, an AI software infrastructure firm. The report put the deal value at about $4 billion, and investors appeared focused on the implications for integration, deal economics, and execution risk—especially for a semiconductor name sensitive to broader tech sentiment.
Oracle’s workforce reduction added headwinds. Shares fell 2% after the company said in a regulatory filing that it cut 21,000 jobs, or almost 13% of its workforce, over the past year. The restructuring disclosure can signal cost pressure and operational shifts, and investors typically scrutinize whether reductions translate into sustained margin and free-cash-flow improvements.
Primoris cut guidance amid renewables cost overruns. Primoris Services dropped 36% after lowering guidance tied to additional renewables cost overruns and delays, and announcing the departure of its chief operating officer. For contractors tied to project execution, guidance changes—particularly those tied to overruns and timing—often carry outsized weight because they can foreshadow margin pressure and cash-flow volatility.
Notable gainers and deal outcomes
Edgewell surged on a reported rejection. Shares jumped more than 9% after Bloomberg News, citing people familiar, reported that Edgewell Personal Care rejected an unsolicited takeover offer at $30 a share from private equity firm Yellow Wood Partners. The report said the board viewed the offer as too low. The reaction suggests investors favored management’s assessment of value versus the premium implied by the offer and were reading the decision as a signal the company could pursue alternative outcomes.
Avis Budget climbed on a cash settlement. Avis Budget Group gained nearly 6% after filing that it reached a $650 million cash settlement with Pentwater Capital. Settlements can reduce uncertainty for companies facing disputes, but investors will typically look for details on how the settlement affects remaining obligations and future financial statements.
Energy Fuels and Primoris’ peers saw lighter moves. Energy Fuels edged down nearly 1% after announcing a definitive agreement to acquire VAC, an advanced magnetics company. In a separate move, Energy Fuels’ small decline suggested investors were weighing the acquisition size and strategic fit more cautiously than firms facing major dilution or guidance resets.
Another deal-related headline, with more muted impact. Energy Fuels’ acquisition agreement was accompanied by a modest share dip, indicating the market treated the development as incremental relative to larger corporate events elsewhere in the list.
What investors will watch next
Investors are likely to focus on follow-through from these catalysts: IBM’s post-upgrade momentum will depend on how software-driven metrics and cash-flow expectations hold up in upcoming company commentary. For AMC, the focus shifts to how proceeds from the share sale affect liquidity and future financing needs. Qualcomm’s reported acquisition discussions could evolve quickly, with investors watching for confirmation, structure, and any implications for deal timing and funding. Oracle and Primoris will be closely monitored for whether restructuring and guidance adjustments stabilize margins and improve visibility. Meanwhile, Edgewell will be in the spotlight for whether the rejected offer prompts renewed interest or encourages a broader strategic review.
