Premarket Movers | New Fortress Energy Stock Soars 62%; American Resources Jumps 3%; HIMS Drops Another 2.2% While Novo Gains 1.4%

New Fortress Energy LLC rose 62.5% in premarket trading after Puerto Rico had negotiated a $4 billion liquefied natural gas contract with New Fortress Energy, Governor Jenniffer Gonzalez said on Tuesday in a post on social media.

The supply deal, which comes after talks for a much larger contract broke down in July, reduced the term to seven years from 15 years - with the option to extend for an additional three years - and also eliminated exclusivity clauses.

Gonzalez said prices for the LNG cargoes were more competitive, with some premiums reduced.

"This agreement contributes to the process of Puerto Rico's energy transition, reducing dependence on more polluting fossil fuels," said Josue Colon, who was appointed to oversee the territory's energy sector earlier this year.

Rare earth stocks American Resources up 3% in premarket trading after a 10.6% rally in prior session.

The US is in talks to set up a $5 billion fund to invest in mining, in what would be the government’s most significant foray into dealmaking to boost supplies of critical minerals.

The US International Development Finance Corp. is in discussions to establish the fund as a joint venture with New York-based investment firm Orion Resource Partners, according to people familiar with the matter, who asked not to be identified because the talks are private. Key details are still being negotiated, and there’s no certainty a deal will be agreed, they said.

Shares of Hims were down another 2.2% in premarket trading while Novo gained 1.4%. The US Food and Drug Administration has issued a warning letter to Hims & Hers Health saying claims for the company's compounded semaglutide product on its website are misleading or false.