AstraZeneca, Moderna, Fintech Acquisition & more
Check out some of the largest moving companies on the pre-market:
AstraZeneca (AZN) – AstraZeneca’s Covid-19 vaccine is recommended for people aged 65 and over in Canada, according to a CBC report. This news comes after several European countries stopped using the vaccine due to reports of side effects. Both the World Health Organization and AstraZeneca say the vaccine is safe. AstraZeneca gained 2.3% in premarket trading.
Moderna (MRNA) – The drug company began a study of its Covid-19 vaccine that included children aged 6 months to 11 years. Moderna’s vaccine, along with that of Johnson & Johnson (JNJ), is currently approved for adults aged 18 years and over, while Pfizer’s (PFE) and BioNTech (BNTX) vaccine is approved for people aged 16 years and over. The Moderna share gained 1.8% before the IPO.
Starbucks (SBUX) – The coffee chain’s stock rose 1.6% in the pre-market after BTIG upgraded it from “neutral” to “buy”. BTIG said a Starbucks rebound is gaining momentum and that stimulus checks could provide an additional boost.
Designer Brands (DBI) – The shoe and accessories retailer formerly known as DSW reported a quarterly loss of 53 cents per share, which was less than analysts’ anticipated 68 cents per share loss. Sales were below consensus, although sales in comparable stores declined slightly less than expected. The company said the sequential performance improvement continued throughout the quarter.
Fintech Acquisition (FTCV) – The special-purpose acquisition company will partner with the eToro trading platform and bring Robinhood’s competition to the public. The combination will be valued at an estimated $ 10.4 billion. Fintech Acquisition’s shares rose 14.7% in premarket trading.
DraftKings (DKNG) – The sports betting company’s shares rose 1.2% prior to entering the market after evaluating a $ 1.1 billion increased debt offering on senior convertible bonds. DraftKings originally planned a $ 1 billion offer.
Walgreens (WBA) – Walgreens has been sued by the Arkansas Attorney General, who accused the drugstore and pharmacy operator of fueling the opioid crisis in the state. Walgreens said health and safety has always been the primary focus of its pharmacists and they will vigorously defend themselves against the suit.
Nikola (NKLA) – Nikola fell 2.9% in premarket trading after filing to raise $ 100 million through a secondary stock offering. The electric vehicle maker said it intends to use the proceeds for general corporate purposes.
AbbVie (ABBV) – The drug maker is in talks to sell approximately $ 5 billion worth of a portfolio of drugs for women. This comes from sources familiar with the matter who have spoken to Reuters. The treatments were acquired through AbbVie’s $ 63 billion purchase from Allergan last year.
News Corp (NWSA) – News Corp signed a content delivery contract with Facebook (FB) in Australia to resolve a dispute where Facebook withheld all media content in Australia for a week in February. News Corp shares rose 1.9% in the pre-market.
Alibaba (BABA) – The e-commerce giant is under pressure from the Chinese government to divest its media assets, according to people familiar with the matter who spoke to the Wall Street Journal. The government is said to be concerned about Alibaba’s influence on public opinion. In premarket trading, shares fell 1%.
Ulta Beauty (ULTA) – The cosmetics retailer’s stock fell 1% before entering the market after Guggenheim downgraded it from Buy to Neutral. Guggenheim points to the uncertainty of profit margins given the increasing competitive pressure on digital platforms.
Avis Budget (CAR) – Morgan Stanley’s stock of the car rental company was downgraded from “overweight” to “evenly weighted”. The company notes that its stock is up more than 90% since the start of the year, driven by prices for improving Avis Budget’s earnings performance. In premarket trading, shares fell 1.2%.