US stocks are seen starting higher after a sharply lower close on Friday, but heading north in pre-market deals is conglomerate Leucadia National Co (NYSE:LUK), up 4.41% to US$22.73.
It came as the group unveiled a raft of moves - asset sales, a name-change plan and increased its share repurchase program.
Among the sales, the company announced a deal to sell 48% of National Beef to Marfrig Global Foods SA for US$900mln in cash, which reduces its ownership stake to 31%.
Elsewhere, in pre-market shares in chemicals and pharma group Merck & Co Inc (NYSE:MRK) added 2.59% to US$54.74 after the bell.
$LUK sells 48% of stake in National Beef for $900M, sells stake in Garcadia for $375 million in cash and $50 million in redeemable preferred equity. Also plans to change name to Jefferies Financial Group and doubles buyback. https://t.co/QtGm3MyeJV
— North Bluff Capital (@bluff_capital) 9 April 2018
The company told investors that its cancer treatment Keytruda met the primary endpoint of a Phase 3 trial evaluating the Keytruda.
In analyst news, Franklin Resources (NYSE:BEN) shed 0.66% to US$33 each as Bank of America downgraded the share to 'neutral' from 'buy'.
Menlo Therapeutics Inc (NASDAQ:MNLO) shares tanked over 51% to US$35.22 after the group revealed that a Phase 2 trial of serlopitant for pruritus did not meet primary and key secondary efficacy endpoints.