Morning Movers: T, TWX, BEAV, COL

 | Oct 24, 2016 | 8:39 AM EDT
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Shares of AT&T (T)  were slumping about 2% before the opening bell Monday on news that the proposed $85 billion acquisition of media giant Time Warner (TWX)  may face antitrust hurdles.

The Senate Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights is slated to review potential antitrust obstacles in November. Regulators will consider whether the historic tie-up would create a global media behemoth with an anti-competitive share of the global market for television content and distribution rights. Republican Senator Mike Lee of Utah, who will be chairing the panel, noted the deal could potentially raise "significant antitrust issues, which the subcommittee would carefully examine." Shares of Time Warner were also down about 1% in premarket trading.

Meanwhile, shares of Growth Seeker holding B/E Aerospace (BEAV)  were surging on merger chatter, after Rockwell Collins (COL) unveiled a $6.4 billion bid to acquire the Wellington, Fla.-based manufacturer of passenger aircraft parts. Rockwell Collins CEO Kelly Ortberg noted the "transformational acquisition" is part of the company's broader strategy to expand its stake in the market for commercial aviation through a broader offering of cabin and cockpit components. 

Under the terms of the agreement, shareholders of B/E Aerospace would receive $62.00 per share -- a combination of $34.10 in cash and $27.90 in shares of Rockwell Collins -- a 22.5% premium to B/E Aerospace's closing price Friday. Shares of B/E Aerospace were up 16% before the opening bell Monday, while Rockwell Collins' shares were trading down slightly.

Overall, U.S. markets were up slightly in premarket trading, with the Dow Jones Industrials and S&P 500 each rising roughly 0.5%, despite a 1% slide in crude oil to $50.30 a barrel.

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