Morning Movers: Semrush skyrockets after deal to be bought by Adobe

Markets look set to open higher, but with a muted tone, as investors weigh the upcoming Nvidia earnings report, which is being viewed as a pivotal moment for the broader AI-driven rally.

The tech sector, especially names linked to AI and semiconductors, continues to face scrutiny. Valuations are under pressure and the recent selloff in the space suggests investors are reassessing how much growth is already priced in. Reports of increasing leverage in tech and an evolving competitive backdrop have raised concern that the “growth story” may be entering a more complex phase.

In pre-market trading, S&P 500 futures rose 0.28%, Nasdaq futures rose 0.36% and Dow futures rose 0.18%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly.

HIGHER –

• Semrush (SEMR) up 74% after Adobe (ADBE) and the company announced that they have entered into a definitive agreement under which Adobe will acquire Semrush for $12.00 per share
• Unity (U) up 8% after the company and Epic Games announced developers will have the ability to publish Unity games into Fortnite
• Dycom (DY) up 7% after entering a definitive agreement to acquire Power Solutions for a total consideration which values Power Solutions at $1.95B

UP AFTER EARNINGS –

• Lowe’s (LOW) up 5%
• TJX (TJX) up 3%
• Viking Holdings (VIK) up 1%

DOWN AFTER EARNINGS –

• Target (TGT) down 3%
• Williams-Sonoma (WSM) down 1%

LOWER –

• Agios Pharmaceuticals (AGIO) down 50% after announcing topline results from the 52-week double-blind period of the global RISE UP Phase 3 trial of mitapivat in patients aged 16 years or older with sickle cell disease