Pfizer and Arcadium Lithium Gain in Premarket Trading; Apple, Amazon, and Netflix Decline

US stock futures were lower on Monday, marking the start of a busy week that will kick off the new quarterly earnings season.

Here are some of the notable premarket US stock movers today:

• Pfizer stock increased by 3.4% following reports that activist investor Starboard Value has acquired a stake of approximately $1 billion in the pharmaceutical company, aiming to drive a turnaround for the struggling entity.

• Apple shares declined by 1.4% after analysts at Jefferies downgraded their rating on the iPhone manufacturer from “buy” to “hold,” citing concerns over inflated market expectations for the upcoming iPhone 16 and 17 models.

• Netflix saw a drop of 0.8% after Barclays downgraded its rating to “underweight” from “equal weight,” attributing the decision to the streaming service’s high valuation.

• Amazon stock fell 1.8% after Wells Fargo reduced its rating to “equal weight” from “overweight,” pointing to several challenges that could hinder the company’s positive earnings outlook.

• Hims Hers Health shares rose by 5.4% following news that the telehealth company is set to join the S&P SmallCap 600, replacing Vector Group.

• Arcadium Lithium stock surged by 30% after mining giant Rio Tinto expressed interest in acquiring the lithium producer through a “non-binding” approach.

• Mullen Automotive shares dropped by 4% after the electric vehicle manufacturer announced cost-cutting measures, which include a 20% reduction in its workforce.

• DuPont saw a decrease of 1.8% after Barclays downgraded its rating on the chemicals company to “underweight” from “equal weight,” citing limited potential for upside from its spin-off strategy.