Trending tickers: Advanced Micro Devices, Novartis, HSBC, Barclays and Greencore

Advanced Micro Devices (AMD)

Shares in Advanced Micro Devices (AMD) were up 2.2% in pre-market trading on Monday, extending gains from Friday's session, when the stock jumped 7.6%.

AMD shares rose after Reuters reported on Friday that IBM (IBM) can use the company's chips to run a quantum computing error correction algorithm.

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According to the Reuters report, a research paper due to be published on Monday will show that IBM can run this algorithm in real time on a type of chip called a field programmable gate array, made by AMD.

Jay Gambetta, director of IBM research, reportedly said that work on the algorithm was completed a year ahead of schedule. IBM said back in June that it is aiming to build its "fault-tolerant" quantum computer Starling by 2029.

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252.92

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+(7.63%)

At close: October 24 at 4:00:02 PM EDT Advanced Chart

Novartis (NOVN.SW)

In Europe, Swiss multinational pharmaceuticals company Novartis (NOVN.SW) announced on Sunday it had agreed to buy San Diego-based Avidity Biosciences (RNA) for $12bn (£8.99bn).

Shares in Novartis dipped 1.2% on Monday morning, following the announcement, while Nasdaq-listed Avidity soared 42.5% in pre-market trading.

The companies expect the merger to close in the first half of 2026.

Vas Narasimhan, CEO of Novartis, said: "Avidity’s pioneering AOC [Antibody Oligonucleotide Conjugates] platform for RNA therapeutics ​and its late-stage assets bolster our commitment to delivering innovative, targeted and potentially first-in-class medicines to treat devastating, progressive neuromuscular diseases."

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As of 11:06:19 AM GMT+1. Market Open. Advanced Chart

HSBC (HSBA.L)

Shares in HSBC (HSBA.L) fell 1.3% on Monday after the bank said that it was setting aside $1.1bn for costs stemming from a lawsuit related to Bernard Madoff's Ponzi scheme.

HSBC said that it would recognise the provision in its third-quarter results, which are due out on Tuesday.

In the lawsuit, which dates back to 2009, HSBC Securities Services Luxembourg (HSSL) is defending a claim brought by Herald Fund SPC for restitution of securities and cash.

Read more: Stocks that are trending today

On Friday, the Luxembourg Court of Cassation denied HSSL's appeal over Herald's securities restitution claim but accepted its appeal over the cash restitution claim. HSSL will now pursue a second appeal before the Luxembourg Court of Appeal.

Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "The bank acted as a service provider to funds that invested with Madoff and now plans a second appeal in Luxembourg, while also contesting the final payout if needed.

"For investors, it’s worth assuming the current figure is close to reality, even if the amount could shift. This looks like a big number in isolation, but at roughly 0.5% of HSBC’s market value, the group is large enough to absorb the hit and move on from the legacy issue."

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Barclays (BARC.L)

Another UK-listed bank in the news on Monday was Barclays (BARC.L), with Bloomberg reporting that it is planning to re-enter Saudi Arabia 11 years after pulling out of the country.

According to Bloomberg's report, Barclays is in the process of securing a license to conduct investment banking activities in Saudi Arabia and plans to open an office in Riyadh in 2026.

Read more: What are share buybacks?

Shares in Barclays were up 1.4% on Monday morning, extending gains over the past week, with the stock rising following the release of the bank's third quarter results.

In its results, Barclays unveiled a £500m ($666m) share buyback and said it planned to move to quarterly buyback announcements. The bank also raised its guidance for the year, despite increasing the amount it is setting aside to cover costs relating to the car finance scandal to £325m.

Greencore (GNC.L)

On the FTSE 250 (^FTMC), shares in convenience food producer Greencore (GNC.L) fell 1.8% after the UK's competition watchdog flagged concerns about its proposed £1.2bn takeover of rival Bakkavor (BAKK.L).

The Competition and Markets Authority (CMA) said it had found the planned acquisition "gives rise to a realistic prospect of a substantial lessening of competition in the supply of own-label chilled sauces" in the UK.

Read more:Trump's tariffs will hit UK growth but temper inflation, says Bank of England rate-setter

The CMA said that both parties had until 3 November to offer remedies to address its concerns.

Dalton Philips, CEO of Greencore, said that the CMA's phase one decision is a "welcome one, confirming our view of the highly complementary nature of our businesses and product portfolios across 'food for now' and 'food for later'."

Mike Edwards, CEO of Bakkavor, said: "Today's positive news from the CMA is a significant step forward in the process, providing welcome clarity which means we can collectively work at pace and stay on track to complete the transaction in early 2026."

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As of 10:03:05 AM GMT. Market Open. Advanced Chart

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