Companies with shares expected to trade actively in Tuesday's session include United Technologies Corp. (UTX), Insmed Inc. (INSM) and Progressive Corp. (PGR).
United Technologies said late Monday it has reached a deal to buy Rockwell Collins Inc. (COL) for $23 billion. The purchase, which both companies' boards have already approved, would be the largest aerospace deal in history. Under the agreement, United Technologies will pay Rockwell shareholders $140 a share in cash and stock. ROK shares are little changed premarket, while UTX shares are down 1.9%.
Shares in drugmaker Insmed more than doubled to $26.39 premarket Tuesday after the company said results from a Phase 3 trial of its rare lung disease therapy were positive. The company said it plans to request an accelerated approval of the drug, which it said the Food and Drug Administration already granted fast-track status as a breakthrough therapy.
Progressive shares were down 10% to $41.06 premarket as investors digest the financial fallout from Hurricane Harvey. Progressive is one of the auto insurers expected to feel the storm's effects as the company has about 9% the auto insurance market in Texas. Analytics firm Cox Automotive estimated that between 300,000 and 500,000 vehicles were severely damaged or destroyed in the state.
Write to Cara Lombardo at firstname.lastname@example.org
(END) Dow Jones Newswires
September 05, 2017 09:17 ET (13:17 GMT)