On this episode of Stock Movers:
- Freeport-McMoRan (FCX) is higher this morning as President Trump announced a 50% tariff on copper imports, causing a record spike in New York futures and a drop in the global benchmark. The plan, announced in an apparently off-the-cuff comment to reporters, marks the latest twist in a tumultuous period for industrial commodities, as the US leader aims to encourage more mining and smelting at home. He’s already raised fees on steel and aluminum imports, while probes into flows of multiple other metals are in train.
- Starbucks (SBUX) is gaining after it received proposals from prospective investors in its China business, with most eyeing a controlling stake in the operation, said people familiar with the matter. The company may consider selling a larger holding based on valuation and other factors, although its preferred option was to sell a minority stake to a partner, the people said. Starbucks said it sees "significant long-term potential in China" and wants to "retain a meaningful stake in the business", according to a statement.
- Merck (MRK) shares are higher after it agreed to buy UK biotech Verona Pharma Plc for about $10 billion to offset the looming loss of exclusivity for its top-selling cancer drug. Shares of Verona Pharma (VRNA), for its part, are jumping on the news.
- T-Mobile (TMUS) is lower this morning after getting a downgrade from KeyBanc. KeyBanc Capital Markets cut it to underweight from sector weight, saying the telecom company’s stock underperformance is set to continue and that its “premium valuation is just too high.”
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