Check out the companies making the biggest moves at noon: Wave Life Sciences — The Nasdaq-traded Singapore-based biotech company more than doubled, surging nearly 140% after announcing positive interim data from a Phase 1 trial of an RNA obesity prevention shot that preserves muscle while reducing fat. Paramount Skydance — The media company is launching a hostile bid to acquire Warner Bros. Discovery after losing a bidding war to Netflix. Paramount stock rose 7%, Netflix stock fell nearly 4% and Warner Bros. stock soared 4%. Following this news, Pivotal Research Group downgraded its rating on Netflix stock. Structure Therapeutics — The company’s stock nearly doubled on Monday after the company announced that its obesity drug showed up to 11% weight loss after 36 weeks of treatment. Confluent – The Wall Street Journal published a report on Sunday that said IBM is in advanced talks to close an $11 billion deal to acquire data infrastructure company Confluent, pushing the latter’s stock price up 29%. Broadcom — The chipmaker rose nearly 3% after The Information reported that Microsoft is in talks to move its custom chip business from Marvell Technology to Broadcom. Marvell stock fell 10%. Lumentum Holdings — Shares of the optical and photonics products maker rose 2% after announcing the extension of a strategic agreement with British semiconductor company IQE. Carvana, CRH — Ireland-based manufacturer CRH and automotive e-commerce platform Carvana will join the S&P 500, S&P Dow Jones Indices announced Friday. This change is expected to take effect before the start of trading on December 22nd. CRH rose 6% and Carvana rose nearly 12%. Berkshire Hathaway — Warren Buffett’s conglomerate has announced the retirement of investment chief and Geico CEO Todd Combs, who will join JPMorgan Chase & Co. as head of the bank’s new security and resiliency initiative to find direct equity investments. Berkshire also announced several other structural changes before its legendary CEO steps down at the end of this year. Stock falls more than 2% CoreWeave — The cloud AI company’s stock fell nearly 7% after announcing a $2 billion convertible debt offering. Five Below — The discount retailer rose more than 3% after Trust Company upgraded to hold-from-buy. “We believe the stock has room for further upside given the sustainability of the company’s performance and the potential for earnings growth,” the company wrote about Five Below. —CNBC’s Liz Napolitano, Scott Schnipper, Itzel Franco and Yun Li contributed reporting.
