Stock futures were rising modestly Monday ahead of a busy week for corporate earnings reports.
These stocks were poised to make moves Monday:
Shares of Prometheus Biosciences rose more than 70% in premarket trading to $194 after Merck agreed to buy the clinical-stage biotechnology company for $200 a share or about $10.8 billion. The deal for Prometheus, which focuses on treatments for autoimmune disease, is expected to close in the third quarter. Merck fell 1.2%.
Meanwhile, a cancer vaccine developed by Merck and Moderna showed promising results in helping prevent relapse for melanoma patients, according to a study. About 79% of patients who took the vaccine plus Merck’s Keytruda were alive and cancer-free at 18 months, compared with 62% of patients who only received immunotherapy, according to a Phase2b trial. Moderna rose 0.9% in premarket trading.
State Street , M&T Bank , and J.B. Hunt Transport Services also are scheduled to report earnings Monday.
Later in the week will see reports from Bank of America , Goldman Sachs , Netflix , United Airlines , Tesla and AT&T .
Best Buy said it would be laying off hundreds of store employees as it seeks to adapt to changing consumer behavior. The electronics company plans to eliminate hundreds of “consultant” roles. The stock fell 0.2% in premarket trading.