Premarket movers: IMAX, Merck and Estée Lauder lead stock moves

Three distinct stories drove early trading moves in U.S. premarket on May 22, 2026: IMAX is reportedly exploring a potential sale, Merck received a positive regulatory development in Europe for a key oncology regimen, and Estée Lauder and Puig announced the end of merger discussions. Each item triggered notable premarket price action and sector-specific investor attention.

According to reports originating with The Wall Street Journal and summarized by Reuters, IMAX has held preliminary talks with potential buyers as it gauges strategic options; sources cautioned the process is early and may not result in a transaction. Market outlets noted IMAX shares jumped sharply in electronic trading and after-hours, reflecting M&A premium repricing.

Merck announced that the European regulatory committee adopted a positive opinion for a KEYTRUDA plus Padcev perioperative indication, a development detailed in company and EMA statements dated May 22, 2026. The CHMP-level recommendation advances the filing toward potential EU approval and was interpreted by market participants as supportive for Merck’s oncology franchise, with the stock posting a modest premarket gain.

Separate Reuters reports covered Estée Lauder and Puig’s decision to end talks over a potential business combination; the removal of that deal overhang sent Estée Lauder shares higher in premarket trading while Puig shares declined. The market reaction reflected both relief that a prolonged strategic uncertainty ended and renewed focus on each company’s standalone earnings trajectory and regional exposure, notably in China and travel retail.

Analysts say the immediate trading response is consistent with news-driven volatility typical of premarket sessions: M&A speculation can reprice companies quickly while regulatory wins tend to have a more measured, fundamental effect as approvals proceed. Short-term momentum traders may trade around headlines, but longer-term investors are likely to wait for concrete deal terms, final regulatory approvals, or updated guidance before materially changing positions.