U.S. markets are climbing moderately before the opening bell Wednesday, as oil markets show signs of reversing last week's skid.
Crude oil prices were up 0.7% to $48.20 per barrel before U.S. markets open, adding to 3% gains yesterday, based on U.S. benchmark West Texas Intermediate. S&P 500, Nasdaq and Dow Jones industrials futures were each up 0.6% in premarket action.
Shares of drugmaker Tesaro (TRSO) are surging 73% in premarket trading after the company announced an ovarian cancer treatment showed encouraging results in a Phase 3 trial.
The news helps reverse a difficult year for the Waltham, Mass.-based specialty drug company, in which shares have fallen 29% before the Phase 3 results of its niraparib drug were rolled out after the market closed Tuesday.
Norwegian Cruise Line (NCLH) is climbing about 10% before the opening bell, as the cruise line begins to rebound from a Brexit thrashing. The shares fell about 13% after the U.K. voted last Thursday to depart from the European Union, prompting investors to take flight amid concerns of volatility and industry risks.
PrivateBancorp (PVTB) is about 23% higher in premarket trading, following news that Canadian Imperial Bank of Commerce (CM) agreed to purchase the Chicago-based bank, which most recently had $17.7 billion in total assets. CIBC said it will pay $18.80 in cash and 0.3657 of CIBC common stock for each PVTB share.
Meanwhile, Autoliv (ALV), an industry leader of automotive safety systems, said it will be working with Toyota (TM) in its recall of 1.4 million vehicles, including the Prius and Lexus CT200h.
"For Autoliv, safety and quality are our priorities and we are fully committed to support Toyota's action in resolving this issue, and will support Toyota in the implementation of solution to the issue," Autoliv CEO Jan Carlson said in a Wednesday statement. ALV shares are down 5% in premarket action.
-- Written by James Passeri
