3M, Hawaiian Electric stocks surge, Novocure shares plunge and other stocks on the move

By MarketWatch

XPeng shares rise on deal news

Here are some of Monday's bigger and more-active movers:

Stock gainers

Hawaiian Electric Industries Inc.'s stock (HE) rocketed 36% in morning trading, a day after closing at a 39-year low, after the electric company called a lawsuit by Maui County over the deadly Lahaina fires "factually and legally irresponsible."

Shares of 3M Co. (MMM) rose 3.7%, enough to pace the Dow Jones Industrial Average's DJIA gainers, after The Wall Street Journal reported that the multinational conglomerate was nearing agreement on a $5.5 billion plan to settle more than 300,000 lawsuits over defective military earplugs.

XPeng Inc. (XPEV) stock climbed 2.4% after the China electric vehicle maker announced a strategic partnership with mobile tech platform DiDi Global Inc. (DIDIY), buying its smart auto development business DiDi's U.S.-listed shares gained 2.8%.

Hersha Hospitality Trust shares (HT) ran up 56% toward a record one-day gain after the real-estate investment trust focused on the hospitality sector announced an agreement to be acquired by private-equity firm KSL Capital Partners LLC in a cash deal valued at $1.4 billion.

Thorne HealthTech Inc.'s stock THRN rallied 29% after the wellness company said it agreed to be taken private by L Catterton for $10.20 a share in cash in a deal valued at $680 million.

Shares of Horizon Therapeutics PLC(HZNP) climbed 6% after the Federal Trade Commission paused its legal challenge to Amgen Inc.'s deal to acquire the biotech company for $27.8 billion.

RPT Realty's stock (RPT) hiked up 19% after the New York-based shopping center owner announced an agreement to be acquired by Kimco Realty Corp. in an all-stock deal valued at $2 billion including debt. Kimco's stock (KIM) gained 1.2%.

BrightView Holdings Inc. shares (BV) got an 11% boost after the commercial landscaping services company said it received a $500 million investment from private-equity firm Rock Capital Partners LLC.

GD Culture Group Ltd. shares (GDC) shot up 64% after the Hong Kong-based small-capitalization company said it plans to enter the live-streaming e-commerce business launched on the social-media platform TikTok.

Stock decliners

Shares of Novocure Ltd. (NVCR) plummeted 33% toward a five-year low after the oncology company said a late-stage trial of its ovarian cancer treatment failed to meet its primary endpoint.

CrowdStrike Holdings Inc.'s stock (CRWD) dropped 2.4% after the cybersecurity company was downgraded to equal weight from overweight at Morgan Stanley, citing signs of a further industry slowdown and cloud optimization headwinds.

ImmunoGen Inc. shares (IMGN) shed 6.5%, to reverse an earlier premarket gain, after the Massachusetts-based drugmaker announced a collaboration with Takeda Pharmaceutical Co. Ltd. (4502.TO) to commercialize its Elahere ovarian cancer treatment in Japan.

-MarketWatch

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08-28-23 1156ET

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