Stock futures inched lower on Monday after Iran-backed Hamas attacked Israel, which sparked a crisis in the Middle East.
Here are some of the biggest stock movers:
Biggest stock gainers
Shares of National Western Life (NASDAQ:NWLI) increased 14% following the announcement that the company would be acquired by S. USA Life Insurance Company, a subsidiary of Prosperity Life Group, in an all-cash deal valued at roughly $1.9B. The agreement will convert each share of NWLI into the right to $500 in cash, an increase of 11.8% over the stock’s 30-day volume-weighted average price as of October 6. The merger is expected to close in the first half of 2024.
After the company raised its quarterly dividend by 5%, Lockheed Martin Corporation (NYSE:LMT) shares climbed by more than 5%. The company’s board also approved the purchase of an additional $6B worth of common stock under its share repurchase program, bringing the total authorization for the current program’s potential purchases to $13B.
Following the outbreak of war in the Middle East, Northrop Grumman’s (NYSE:NOC) stock increased by as much as 11% to lead gains in aerospace and defense firms. Other defense-related companies’ shares, such as those of L3Harris (LHX), General Dynamics (GD), Huntington Ingalls (HII), and RTX (RTX), also rose.
Biggest stock losers
Shift Technologies (NASDAQ:SFT) stock fell over 85% after the company and its subsidiaries filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code to wind down its business. The company plans to use cash on hand and inventory liquidation cash to provide liquidity for the winddown and closure of operations during the Chapter 11 process.