Check out the companies making headlines before the bell:
Eli Lilly — The pharmaceutical giant announced it will buy Loxo Oncology — a company that specializes in cancer drugs — for $8 billion in cash, or $235 per share. The offer represents a premium of about 68 percent to Loxo’s closing price on Friday. Shares of Loxo surged 61 percent in the premarket at $225.
Apple — Apple and Samsung struck a deal that lets the iPhone maker distribute iTunes shows on Samsung smart TVs. The capability will be added through an app which will launch in the coming months, Samsung said.
PG&E — The beleaguered California-based utility company is exploring filing for bankruptcy protection for some or all of its business, Reuters reported on Friday, citing sources. PG&E is facing billions of dollars in liabilities after California was hit with massive wildfires in the past two years. Shares of PG&E dropped nearly 20 percent before the bell Monday.
Amazon — Pivotal Research Group initiated coverage of Amazon with a “buy” rating and a price target of $1,920, implying an upside of nearly 21 percent. “Despite its current massive size, we see Amazon’s opportunities as mostly unconstrained based on a successful track record of capitalizing on consumer and IT department spending,” Pivotal said in a note.
General Motors — The automaker was upgraded to “outperform” from “market perform” at BMO Capital Markets, with the bank citing a potential higher multiple for GM’s self-driving car division being priced into the stock. BMO also hiked its price target on GM to $41 from $38.
General Electric — The company’s aircraft leasing unit is being targeted by private-equity firm Apollo Global Management, which is reportedly working on an offer for the business. GE’s division is reportedly worth as much as $40 billion.
Dollar Tree — The Wall Street Journal reported that Starboard Value, an activist investor, wants the company to sell its Family Dollar business. The report, which cites sources, said Starboard currently has a 1.7 percent stake in Dollar Tree.
Micron — BMO Capital Markets upgraded the chipmaker’s stock to “outperform” from “market perform,” noting the shares “have bottomed out.” BMO cited two factors for the upgrade: “valuation and a structurally more profitable company, which will lead to FCF generation even under rather dire scenarios that we are modeling for.”