Wall Street stock indexes opened with mild losses after the S&P 500 hit a record close on the heels of inflation figures that were the highest in decades. Here’s what we’re watching in Monday’s trading:
- Arena Pharmaceuticals ARNA 80.38% shares rocketed higher on reports that it was to be acquired by Pfizer PFE 4.59% for $100 a share. Pfizer’s own shares ticked up after an Israeli study said its booster shots were effective against the Omicron variant. UBS lifted its rating of Pfizer’s stock to a buy and raised its price target.
Signage outside Pfizer headquarters in New York, Nov. 7, 2021.
Photo: Stephanie Keith/Bloomberg News
- Novavax NVAX 1.50% applied for emergency use for its Covid-19 vaccine in the United Arab Emirates. Fellow vaccine maker Moderna MRNA 5.81% also gained.
- Harley-Davidson HOG 4.70% said its LiveWire electric-motorcycle arm would merge with AEA-Bridges Impact, IMPX 3.55% a SPAC, to make LiveWire publicly traded. The deal gives LiveWire an enterprise value of about $1.77 billion.
- Peloton Interactive PTON 7.35% shares were clawing back some of Friday’s losses that came after the company’s bike became associated with the demise of a character in “And Just Like That,” a reboot of “Sex and the City.” But the stock dive also could have been coincidence, as Credit Suisse earlier that day cut its price target for Peloton to $50 from $112 on concerns of slowing growth.
- General Motors GM -6.45% plans to invest more than $3 billion to make electric vehicles in Michigan, good news for the car maker’s home state after Southern states snared recent auto projects.
- Bluebird Bio BLUE 6.14% said its study data showed a sustained clinical response to a treatment for sickle-cell anemia.
- Bellus Health BLU 48.21% said it had received positive results in a trial for a treatment of chronic cough.
- Eli Lilly LLY 1.80% said it would collaborate with Foghorn Therapeutics FHTX 54.96% for novel oncology targets using Foghorn’s proprietary gene traffic control platform.
- Backblaze, BLZE -0.83% Claros Mortgage Trust CMTG -4.42% and PHX Minerals PHX -2.64% are due to report earnings after the close.
Chart of the Day
- Lithium prices are rising at their fastest pace in years, setting off a race to secure supplies and fueling worries about long-term shortages of a vital ingredient in the rechargeable batteries that power everything from electric vehicles to smartphones.
Write to James Willhite at james.willhite@wsj.com
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