CSX
The railroad operator saw a rise of more than 3% after announcing the appointment of Steve Angel as its new chief executive, succeeding Joe Hinrichs. This management shake-up comes in response to pressure from activist investor Ancora Holdings, which has criticized CSX for its declining efficiency and urged the company to explore potential mergers and acquisitions amid industry consolidation.
Merus
The biotech company experienced a significant surge of 36% following its agreement to be acquired by Denmark-based Genmab for $8 billion, translating to $97 per share in cash. This deal is anticipated to close in the first quarter of 2026.
Pony AI
Shares of the Chinese autonomous vehicle technology company jumped 9% after Citi initiated coverage with a buy rating and set a price target indicating a potential 37% upside from Friday’s close. Citi noted that China’s “robotaxi sector is at an inflection point.”
Galaxy Digital
The digital asset and cryptocurrency firm surged nearly 10% after announcing its investment in K Wave Media. This move is part of a strategy to launch an entertainment tokenization platform backed by Korean intellectual property companies.
Electronic Arts
Shares rose by 4.8% after a consortium of investors led by Jared Kushner confirmed a $55 billion deal to acquire the video game maker and take it private, validating earlier reports.
Cannabis Stocks
Cannabis stocks experienced a notable surge after President Donald Trump shared a video on Truth Social, highlighting the benefits of cannabinoids for seniors. The AdvisorShares Pure U.S. Cannabis ETF (MSOS) soared 20%, while Aurora Cannabis jumped 29%.
Lam Research
The semiconductor equipment manufacturer climbed nearly 3% following a Deutsche Bank upgrade from hold to buy. The bank indicated that Lam Research is poised to benefit from an improving outlook for wafer fabrication equipment and a valuation that aligns with its peers.
Oracle
The database software giant saw a slight decline of nearly 1% as investors raised concerns about the sustainability of the artificial intelligence trade. Oracle is coming off an 8.2% weekly drop, its largest since the week ending April 4, when it fell nearly 9%.
AppLovin
Shares rose by 8.2% after Morgan Stanley raised its price target for the mobile technology company from $480 to $750. The bank noted that on October 1, AppLovin will launch its self-serve tool for non-gaming, which is expected to be a key catalyst for growth in its advertising business, tapping into billions of ad dollars outside the gaming industry.
Intel
The chipmaker fell 2%, losing some momentum after a significant run-up that pushed the stock into overbought territory. Intel has seen an approximate 80% increase this year, with a relative strength index at 80, indicating vulnerability to a pullback.
Applied Materials
Shares rose by 2% after the company announced it had entered into a 364-day revolving credit facility with Bank of America worth $2 billion.
— CNBC’s Sarah Min, Alex Harring, Liz Napolitano, Christina Cheddar-Berk, Scott Schnipper, and Michelle Fox Theobald contributed reporting.
