A look at companies to watch before the market opens: Paramount Global — Shares of Paramount Global soared more than 12% on news that Skydance Media had reached a tentative agreement to acquire National Amusements, the company’s controlling shareholder. News of the agreement was first reported by The New York Times and The Wall Street Journal. Tesla — The electric car maker’s shares rose nearly 3% a day after it reported better-than-expected deliveries in the second quarter. Shares surged 10% in Tuesday trading. Constellation Brands — The beer and wine company rose more than 2% after reporting better-than-expected earnings. Constellation reported first-quarter adjusted earnings per share of $3.57, while analysts surveyed by LSEG were expecting $3.46 per share. Revenue was $2.66 billion, up 6% from a year ago but just below expectations of $2.67 billion. Southwest Airlines — Southwest Airlines took the move in response to activist investor Elliott Investment Management buying up 11% of the airline’s shares. The new plan, which will be in effect for one year, will be triggered if any company owns at least 12.5% of the airline’s shares. Eli Lilly — Eli Lilly shares rose modestly after the Food and Drug Administration approved the company’s Alzheimer’s disease treatment donanemab. The drug, sold under the brand name Xanla, is used in adults with early symptoms of the disease. The stock was down about 1% in Tuesday trading. MGM Resorts International — Shares rose 0.9% after BTIG initiated coverage of MGM Resorts International with a buy recommendation, citing a “compelling fundamental story.” The $52 price target suggests upside of more than 20% from Tuesday’s closing price. — CNBC’s Lisa Han, Jesse Pound and Sarah Min contributed to the report.
Biggest movers in premarket trading: PARA, TSLA, STZ
