As the US pre-market kicks off, futures are showing slight movement with the S&P 500 (ES) down 0.2%, the Nasdaq 100 (NQ) down 0.3%, and the Russell 2000 (RTY) remaining flat. Here’s a look at the most notable pre-market stock movers and the key reasons behind the shifts:

Top Gainers

$BA (Boeing) +3.5%
Boeing surged 3.5% after reaching a tentative agreement with its machinists’ union. This agreement is seen as a positive step towards labor stability, which is crucial for Boeing’s production pipeline and future growth.

$SAVE (Spirit Airlines) +40%
Spirit Airlines exploded 40% in the pre-market after securing a deal with its credit card processor to extend the deadline for its 2025 notes. This extension eases liquidity concerns, giving the airline more runway to manage its debt.

$KVUE (Kenvue) +6.5%
Kenvue, the consumer health company, saw a sharp 6.5% rise after activist investor Starboard Value took a significant stake in the company. This move signals potential future activism or strategic changes aimed at unlocking value for shareholders.

$HUM (Humana) +3%
Humana jumped 3% on news that it has resumed merger talks with Cigna. After previous discussions ended last year, the revival of talks suggests that both healthcare giants are exploring ways to consolidate and strengthen their positions in the competitive health insurance space.

Major Decliners

$CI (Cigna) -3.5%
While Humana benefited from the renewed merger discussions, Cigna slipped 3.5%. This reaction could be driven by concerns over the terms of the potential deal or regulatory hurdles that may come into play as the companies re-enter talks.

$UPS (United Parcel Service) -2%
UPS shares dropped 2% after being downgraded by Barclays. The downgrade likely reflects concerns over slowing e-commerce growth or cost pressures impacting the logistics giant’s earnings.

Notable Mentions

$DIS (Disney) Flat
Disney remained flat in the pre-market despite significant news from its boardroom. James Gorman has been appointed as Chairman, effective January 2, 2024, and the company announced plans to name its next CEO by early 2026. Investors are likely waiting for further clarity on leadership direction before reacting.

$ASML -0.2%
ASML edged down slightly, losing 0.2% after Bernstein lowered its price target from $1,052 to $815 while maintaining an ‘Outperform’ rating. Despite the lowered target, Bernstein remains optimistic about ASML’s long-term growth prospects in semiconductor equipment.

$SIRI (SiriusXM) +2%
SiriusXM rose 2% after Berkshire Hathaway increased its stake in the company to approximately 32.5%. Warren Buffett’s continued confidence in the stock is seen as a strong vote of confidence, likely attracting more investors.