Premarket movers: Macy's, Cigna climb; Sea Ltd ADRs fall

investing.com:

Investing.com — U.S. stock futures were little changed on Monday as investors geared up for the Federal Reserve's upcoming two-day policy meeting later this week.

Here are some of the biggest U.S. stock movers in premarket trading today. Please check back later for updates:

Macy’s (NYSE:M) shares surged on reports of a $5.8 billion buyout offer from real estate-focused investing business Arkhouse Management and global asset manager Brigade Capital Management.

U.S. health insurer Cigna (NYSE:CI) shares gained after it reportedly ended talks to acquire peer Humana (NYSE:HUM), pulling the plug on a deal that would have created an insurance behemoth worth over $140 billion. Cigna also unveiled an additional $10 billion in share buybacks.

Sea Ltd ADRs (NYSE:SE) dropped after ByteDance's TikTok said it will merge its Indonesian e-commerce business with GoTo's Tokopedia. The announcement fueled concerns around increased competition for the tech conglomerate's e-commerce subsidiary in Indonesia.

Nike (NYSE:NKE) shares climbed after Citi improved its rating of the athletic apparel business to «buy» from «neutral,» citing signs of margin recovery in a «choppy» macroeconomic environment.

Snap (NYSE:SNAP) shares were higher after Wells Fargo analysts raised their recommendation of the social media platform to «overweight» from «equal-weight.»

Affimed (NASDAQ:AFMD) shares slumped, paring back earlier gains, after the drugmaker said it would discontinue enrollment in two trial cohorts for its AFM24-102 lung cancer treatment.

Upgrade your investing with our groundbreaking, AI-powered InvestingPro+ stock picks. Use coupon code PROPLUSBIYEARLY to get a limited time discount on our Bi-Yearly subscription plan. Click here to find out