US Pre-Market Movers: BMY/AZN, GME, LNTH, BABA, SPCX, MT, FERG, EBAY, CRCL, BA, SBUX

AstraZeneca (AZN) -4.2% and Bristol Myers Squibb (BMY) +4.6%: The Two companies are in talks over a combination that would create a pharmaceutical group valued at nearly USD 400bln, according to the FT. GameStop (GME) -8%: Announces private exchange of USD 1.4bln of convertible senior notes for equity. Lantheus Holdings (LNTH) +3%: Curium confirms it is to merge with Lantheus Holdings (LNTH) in deal valued at USD 8bln, or USD 114.50/shr Alibaba (BABA) +4.2%: Unveiled Qwen3.8-Max, its largest AI model. SpaceX (SPCX) -1.8%: Shares slide ahead of earnings and subsequent lock up expiration; Bloomberg reports short interest of 219.34mln shares, 34% of publicly availabe stock.  ArcelorMittal (MT) +2%: Announced expanded tech partnership with Microsoft (MSFT).  Ferguson (FERG) +7.7%: To join S&P 500 prior to open on 5th August.  Ebay (EBAY) -3.5%: Downgraded to Underweight from Equal Weight at Wells Fargo; PT USD 92 (prev USD 105) Circle Internet Group (CRCL) -6%: Downgraded to Underweight from Equal Weight at Morgan Stanley; PT USD 38 (prev USD 106) Boeing (BA) +1.8%: Upgraded to Outperform from Underperform at BNP Paribas Exane Starbucks (SBUX) +1%: Upgraded to Hold from Sell at Melius.