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. Shares of Flutter, the parent company of FanDuel, rose 6.3% after second-quarter revenue beat expectations and raised 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 hold-buy. 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.
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