Hot Stocks: FTNT gains on upgrade, VG and SAVE rise on M&A talks, JELD declines
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In early market trading shares of Fortinet, Inc. (NASDAQ:FTNT) trade in the green after the stock was upgraded. Also flying higher are shares of Spirit Airlines (NYSE:SAVE) and Vonage Holdings Corp. (NASDAQ:VG) as merger and acquisition discussions heat up.
Tracking in the red are shares of Jeld-Wen Holding (NYSE:JELD), as the North Carolina based firm was cut to Equalweight from Overweight.
Gainers
Fortinet, Inc. (FTNT) shares trend to the topside by 2.5%
as BMO Capital Markets upgraded the cyber security firm, following its 5-1 stock split, noting "durable growth" that is supported by strong free cash flows.
Spirit Airlines (SAVE) gained 4.8% in early trading as shareholder TIG Advisors indicated it intends to vote against Frontier Air Group's (ULCC) proposed offer, as it prefers the offer made by JetBlue Airways (JBLU).
Shares of Vonage Holdings Corp. (VG) have jumped 5.4% in early market trading as the merger between the cloud communication provider and Ericsson (ERIC) looks to close. ERIC and VG are working towards closing a deal before the end of July, 2022.
Decliner
Jeld-Wen Holding (JELD) trades lower by 2.5% after news that Wells Fargo analyst Deepa Raghavan downgrades the company to an Equalweight from Overweight as Raghavan highlights that tailwinds have likely played out, leaving risk-reward skewed to slightly unfavorable.
Investors looking to track the financial marketâs top and bottom movers throughout the course of the entire trading session should shift their attention towards Seeking Alpha's On The Move section.