Check out the companies making headlines before the bell:
Eli Lilly LLY — 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 AAPL — 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 PCG — 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 AMZN — 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 GM — 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 GE — The company's aircraft leasing unit is being targeted by private-equity firm Apollo Global Management APO , which is reportedly working on an offer for the business. GE's division is reportedly worth as much as $40 billion .
Dollar Tree DLTR — 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.
Tesla TSLA — CEO Elon Musk broke ground on the company's gigafactory in the outskirts Shanghai . A government report said the factory is expected to kick off partial production in the second half of 2019.
Micron MU — 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."
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