Stocks – Tiffany; AT&T, Spotify Rise Premarket; HSBC Slumps

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© Reuters. © Reuters. – Stocks in focus in premarket trading on Monday:

• Tiffany & Co (NYSE:) stock surged 33% in premarket trade by 8:20 AM ET (11:20 GMT) after LVMH (OTC:) made an unsolicited offer of $120 per share for the luxury jewelry retailer, which would give it a vale of about $14.5 billion.

•AT&T (NYSE:) stock rose 1.5% after its earnings came in fractionally higher than expected, while revenue was lower than estimates. The company also announced a 3-year action plan, backed by activist investor Elliot Management, the highlight of which was a promise to pay off debt from its acquisition of Time Warner by 2022.

• Spotify (NYSE:) stock gained 8.6% after the music streaming company’s earnings came in a little better than expected. In a separate statement, it said chief financial officer Barry McCarthy is to retire in January.

• Microsoft (NASDAQ:) stock was up 2.6% after it beat out (NASDAQ:) in getting a $10 billion cloud computing contract from the Pentagon.

• Walgreens Boots Alliance (NASDAQ:) stock inched up 0.5% after the drug store retailer beat on its bottom and top line, and raised its cost-saving target to more than $1.8 billion by fiscal year 2022, from a prior goal of more than $1.5 billion.

• HSBC (NYSE:) stock tumbled 4% after the bank and its earnings came in far below forecasts.

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