Paramount Global, Tesla and Philips rise premarket; First Foundation falls

Investing.com -- U.S. stock futures edged higher Wednesday, with investors waiting for important labor data after a dovish speech by Fed chair Jerome Powell.

Here are some of the biggest premarket U.S. stock movers today:

• Paramount Global (NASDAQ:PARA) stock rose 12% after Reuters reported that Shari Redstone's National Amusements has agreed to a preliminary deal to sell a controlling stake in the movie studio to David Ellison's Skydance Media.

• Apple (NASDAQ:AAPL) stock fell 0.5% following reports the iPhone maker is set to take an observer role on the board of ChatGPT-maker and artificial intelligence-darling OpenAI.

• First Foundation (NYSE:FFWM) stock slid over 25% after the bank received a surprise $228 million equity investment, prompting worries about the Texas-based lender's exposure to commercial real estate loans.

• Eli Lilly (NYSE:LLY) stock rose 0.2% after the Food and Drug Administration approved the drugmaker’s Alzheimer’s drug, expanding the limited treatment options for the mind-wasting disease.

• Tesla (NASDAQ:TSLA) stock rose 1.7%, adding to the previous session’s 10% gains–its highest level since January–after it reported a smaller-than-expected 5% drop in vehicle deliveries in the second quarter.

• Southwest Airlines (NYSE:LUV) stock fell 0.1% after the carrier announced it had adopted a poison pill, issuing one right for each share of common stock, after activist investor Elliott Investment Management pushed for changes at the airline.

• Philips (LON:0LNG) (NYSE:PHG) ADRs rose 1.5% after U.S. asset management firm Artisan Investments raised its stake in the Dutch healthcare technology group to 10%.

• Dell (NYSE:DELL) stock rose 1.3% after Bank of America (NYSE:BAC) added the tech company to its US 1 List, a collection of the bank's best investment ideas, appreciating a positive setup for the company heading into 2025.