Stock futures edged higher on Monday after a stellar previous week, with recent positive economic data easing inflation and recession concerns. However, investors remain cautious as they await the Federal Reserve meeting minutes and the Jackson Hole symposium for insights into the central bank’s future interest rate strategy.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

• FuboTV (NYSE:FUBO) shares surged as much as 13% in premarket trading on Monday, building on Friday’s 17% gain, after a federal judge temporarily blocked the launch of a competing sports streaming service. The $42.99-a-month venture, backed by Fox, Warner Bros. Discovery, and Walt Disney, was set to debut next week but was halted due to a lawsuit filed by FuboTV alleging anti-competitive practices. The company argues that the new service would have stifled competition and harmed consumers.
• ZIM Integrated Shipping Services (NYSE:ZIM) shares soared over 15% after the company delivered a strong Q2 performance and significantly raised its full-year outlook. The shipping giant reported a record 11% Y/Y volume increase, coupled with a substantial 40% jump in average freight rate per TEU. Additionally, the company announced a dividend of $0.93 per share in accordance with the dividend policy, representing 30% of Q2 net income. Building on this strong performance, ZIM increased its full-year 2024 guidance for adjusted EBITDA to between $2.6B and $3B and adjusted EBIT to between $1.45B and $1.85B.
• Advanced Micro Devices (NASDAQ:AMD) shares rose over 3% after announcing the acquisition of AI infrastructure provider ZT Systems for approximately $4.9B in cash and stock. The deal aims to bolster AMD’s data center and AI systems capabilities by leveraging ZT Systems’ expertise in designing and optimizing cloud computing solutions. This strategic move positions AMD as a strong competitor in the AI market, complementing its existing portfolio of high-performance AI accelerators, CPUs, and networking products. The acquisition is expected to be completed in 1H25 and contribute positively to AMD’s financial performance by the end of 2025.
• Emergent BioSolutions (NYSE:EBS) shares continued their upward trajectory, rising 6% Monday, after a 24% surge the previous session. The company, which produces the smallpox vaccine ACAM2000, is benefiting from growing concerns over mpox. The WHO’s recent declaration of a global health emergency for the virus has fueled investor optimism as Emergent seeks FDA approval to expand its vaccine’s use to include mpox protection.

Biggest stock losers

• Shake Shack (NYSE:SHAK) shares fell by approximately 3%, while Dutch Bros (NYSE:BROS) dropped around 4% in premarket trading after Piper Sandler downgraded both fast-casual restaurant chains from Overweight to Neutral. The broker cited a more balanced risk-reward profile for both companies given current market conditions, though it maintained a generally positive outlook.
• Liquidia (NASDAQ:LQDA) shares lost more than one third of the value after the U.S. FDA granted only tentative approval for Yutrepia (treprostinil) for pulmonary hypertension associated with interstitial lung disease. This decision delays the potential launch until May 23, 2025, when final approval could be granted. The delay stems from the FDA’s recognition of a three-year regulatory exclusivity for United Therapeutics’ (NASDAQ:UTHR) Tyvaso DPI, which was granted on May 23, 2022. Liquidia’s CEO, Roger Jeffs, stated the company plans to challenge the FDA’s broad grant of regulatory exclusivity to minimize delays in patient access to Yutrepia. The drug had previously received tentative approval for pulmonary arterial hypertension (PAH) in November 2021. Liquidia and United Therapeutics have been in litigation over Yutrepia, as United Therapeutics markets the competing treprostinil treatment Tyvaso. United Therapeutics shares were up 5%.