Biggest stock movers today: CAH, INFA, crypto-related stocks and more (NYSE:INFA)

Stock futures inched higher in the early trading hours of Monday, ahead of earnings reports from major tech companies such as Microsoft (MSFT), Tesla (TSLA), Meta Platforms (META), and others scheduled for later in the week.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

• On Monday morning, crypto-related stocks were higher, with Bitcoin’s (BTC-USD) price holding reasonably constant despite the completion of the fourth halving on April 19. Notably, Riot Blockchain (NASDAQ:RIOT) and MicroStrategy Incorporated (NASDAQ:MSTR) both climbed 5%. Marathon Digital Holdings (NASDAQ:MARA), Hut 8 Mining (NASDAQ:HUT), and CleanSpark (NASDAQ:CLSK) saw jumps of more than 4%, while Cipher Mining (NASDAQ:CIFR) rose by 4%. Bitdeer Technologies Holding Company (NASDAQ:BTDR) climbed 3.4%, and both Coinbase Global (NASDAQ:COIN) and Bakkt Holdings (NYSE:BKKT) rose by 3%.

Biggest stock losers

• Shares of Informatica (NYSE:INFA) plunged over 10% following the breakdown of talks between the company and Salesforce (CRM) regarding a potential acquisition. The negotiations stalled as the parties failed to reach an agreement on the terms. After the WSJ report late Sunday, CRM shares rose by more than 3% during premarket hours on Monday.
• Li Auto (NASDAQ:LI) shares fell by 7% following the company’s announcement of significant price cuts across its model range, except for the newly launched Li L6. This decision came shortly after Tesla (TSLA) reduced its prices, intensifying the EV price war in China. The 2024 Li L7, Li L8, Li L9, and Li Mega models will offer new pricing for both new customers and those with pending orders. Most models will see a reduction of RMB 20,000, while two Pro models will drop by RMB 18,000.
• Cardinal Health (NYSE:CAH) shares dropped 7% after announcing that its pharmaceutical distribution contracts with UnitedHealth Group’s (UNH) OptumRx unit will not be renewed after they expire at the end of June 2024. Sales to OptumRx accounted for 16% of Cardinal Health’s consolidated revenue in FY2023, with the majority (around 90%) of these sales coming from its pharmaceutical distribution business. Despite this, the company reaffirmed its long-term outlook for both its Pharmaceutical and Specialty Solutions segment profit growth target and its consolidated non-GAAP EPS target of 12% to 14% for FY2024 to FY2026, relative to a FY2023 baseline. The company anticipates lower-than-average adjusted free cash flow in FY2025 due to the unwinding of negative net working capital associated with the OptumRx contract. However, it aims to mitigate the impact through a combination of new customer wins, specialty growth initiatives, and other strategic actions.