Summit jumps as FICO falls on mortgage scoring changes

Summit Therapeutics rose 17.1% in premarket trading Tuesday after AstraZeneca agreed to make a $2 billion strategic equity investment. Fair Isaac, known as FICO, fell 15% after a federal housing agency announced mortgage-pricing changes that could introduce competition to its credit-scoring business.

CarMax gained 3.7% after reporting fiscal second-quarter revenue and earnings above Wall Street expectations. The used-car retailer posted earnings of $1.16 per share, compared with analyst expectations of 68 cents, and revenue of $7.88 billion, versus forecasts of about $7.06 billion.

AstraZeneca’s investment will support a collaboration pairing Summit’s ivonescimab antibody with AstraZeneca’s oncology pipeline. AstraZeneca will acquire convertible preferred shares at a price equivalent to $18.36 per common share, a 10% premium to Summit’s five-day volume-weighted average price.

The Federal Housing Finance Agency said Fannie Mae and Freddie Mac will combine their separate mortgage-pricing matrices into one grid. The framework will include VantageScore alongside the traditional FICO Classic score, raising concerns about demand for FICO’s scoring products.

CarMax’s total net revenue increased 19.5%, while combined retail and wholesale unit sales rose 14.7% to 387,735. Comparable-store used-unit sales increased 13%.

U.S. stock futures hovered near unchanged early Tuesday after rising bond yields weighed on Wall Street in the prior session. Investors were looking ahead to new economic data.