The stock market is paying close attention to corporate earnings as earnings season kicks off. Although banking stocks showed mixed results, with large financial institutions holding up well but experiencing significant declines in deposits, investors remained positive with stock index futures rising in premarket trading on Monday. XPeng, a Chinese electric vehicle company, and Prometheus Biosciences, a clinical-stage biotechnology company, saw significant gains in premarket trading. XPeng announced its Smart Electric Platform Architecture (SEPA) 2.0, which it believes will reduce costs and increase competitiveness in the growing Chinese EV market.
Meanwhile, Merck’s acquisition bid of Prometheus valued the biotech company at $10.8 billion, allowing Merck to diversify its portfolio and build up its immunology pipeline. The deal is expected to close in Q3 of 2023. While XPeng saw a rise in premarket trading, The Motley Fool Stock Advisor analyst team recommended 10 other stocks over XPeng as the best options for investors.
