Stocks Surge on Buyouts and Nuclear Deal While Nike Drops on Downgrade

Option Care Health (OPCH) surged around 24% in premarket trading after reports emerged that McKesson (MCK) and private equity firm Clayton Dubilier & Rice were closing in on a buyout deal worth over $5 billion, including debt. The companies are in advanced talks, with a potential agreement possibly finalized as soon as Tuesday. Under the proposed terms, Clayton Dubilier & Rice would own 51% of the company, while McKesson would hold the remaining 49%, with the option to acquire the stake later.

Constellation Energy (CEG) climbed more than 3% following news of a significant nuclear power partnership with Google (GOOG, GOOGL). The 20-year agreement will see Google support 890 MW of new nuclear capacity across Constellation’s plants, involving over $4.3 billion in new investment. Additionally, a 15-year agreement covers 2,700 MW from Constellation’s existing fleet, with a five-year technology partnership leveraging Google Cloud and AI for power generation improvements.

Corteva (CTVA) rose about 3.3% after JPMorgan upgraded the stock to Overweight from Neutral, citing the undervalued crop chemicals business following the spin-off of its seed business. JPMorgan set a $19 price target, suggesting the company could be worth about $21 per share, excluding environmental liabilities.

Nike (NKE) dropped 1.3% after Berenberg downgraded the stock to Sell from Hold, cutting its price target to $27.50 from $49. Berenberg cited challenges in the sportswear category and forecasted a high single-digit percentage decline in fiscal 2027 sales, expecting revenue pressure to continue through fiscal 2028.