During Market hours on — (Friday – 11.06.2021):
- The S&P 500 (Symbol: SPY) climbed 0.2%. The Nasdaq (Symbol: QQQ) advanced 0.4% with Apple (Symbol: AAPL), Microsoft (Symbol: MSFT) and Netflix (Symbol: NFLX) all registering gains. The Dow gained 0.05%.
- Snowflake (Symbol: SNOW) – Shares of the cloud computing company dropped 3.3%. The firm presented its financial targets at its investor day meeting on Thursday, aiming to reach $10 billion in annual product revenue by 2029, compared to $554 million in its fiscal year that ended in January.
- Vertex Pharmaceuticals (Symbol: VRTX) — The pharmaceutical company’s shares fell roughly 11% after it said on Thursday that it will stop developing an experimental drug after it was shown to be unlikely to prove effective against a rare genetic disease called AAT Deficiency. Vertex said its drug raised levels of a deficient protein, but not enough to grant a material health improvement.
- Chewy (Symbol: CHWY) — Shares of the e-commerce pet company fell nearly 6% despite earning an adjusted 9 cents per share for its latest quarter, compared to consensus forecasts for a 3 cents per share loss. Chewy, which reported earnings late Thursday, also saw revenue beat estimates and gave an upbeat revenue outlook. However, the company did warn of labor shortages and supply chain disruption.
- Dave & Buster’s (Symbol: PLAY) — Dave & Buster’s shares fell 2.7% after trading higher in premarket action. On Thursday, the company reported first-quarter earnings of 40 cents per share, surprising analysts who expected a loss of 16 cents per share. Dave & Buster’s also posted first-quarter revenue that beat Wall Street analysts’ expectations.
- Biogen (Symbol: BIIB) — Shares of the biotech stock dropped 4.4%. Three members of a key Food and Drug Administration advisory panel have resigned after the agency approved Biogen’s new Alzheimer’s drug. Biogen’s stock is still up sharply since the drug was approved last Monday.
- Zoom Video (Symbol: ZM) — Shares of the video-messaging company advanced 5.7% after RBC assumed coverage of Zoom with an outperform rating, while naming the stock a top pick. “The future of work will likely be hybrid and we believe Zoom will be a critical component to enabling that future,” the firm wrote in a note to clients. RBC has a $450 target on the stock, which implies a roughly 30% rally from Thursday’s close.
- Reddit favorites — Stocks popular among retail investors flocking to Reddit’s WallStreetBets forum were volatile in midday trading after massive rallies in recent weeks. Shares of AMC Entertainment (Symbol: AMC) traded close to 15.4% higher while Clover Health Investments (Symbol: CLOV) shares jumped 4.8%, GameStop (Symbol: GME) shares added 5.8% and Bed Bath & Beyond (Symbol: BBBY) added 1.2%. Meanwhile, ContextLogic (Symbol: WISH) shares fell 6.4% and shares of Clean Energy Fuels (Symbol: CLNE) slid 1.7%.
During Premarket hours today – (Monday – 14.06.2021):
- Novavax (Symbol: NVAX) – The drugmaker said its Covid-19 vaccine proved 90% effective overall in a late-stage trial, and 93% effective against the most predominant variants of the virus. It also provided 100% protection against moderate and severe disease. Novavax shares surged 10.4% in premarket trading.
- Lordstown Motors (Symbl: RIDE) – The electric truck maker announced the resignation of CEO Steve Burns and CFO Julio Rodriguez, days after the company warned there was doubt it could continue as a going concern. Lordstown has engaged a search firm to find replacements for Burns and Rodriguez. Shares tumbled 8% in the premarket.
- GlaxoSmithKline (Symbol: GSK) – The drugmaker is collaborating with clinical-stage biopharmaceutical company iTeos Therapeutics (Symbo: ITOS) to develop and commercialize EOS-448, a monoclonal antibody in early-stage development as a possible cancer treatment. iTeos soared 60.4% in the premarket.
- AstraZeneca (Symbol: AZN) – The drugmaker’s Covid-19 vaccine has a favorable risk/reward profile for all age groups and particularly for those 60 years and older, according to the head of the European Medicines Agency’s Covid-19 task force. Marco Cavaleri said his quote in an Italian newspaper saying the vaccine should not be given to those over 60 was not interpreted correctly.
- NextGen Acquisition (Symbol: NGAC) – The special purpose acquisition company is in advanced talks to take Sir Richard Branson’s Virgin Orbit public, according to Sky News. Sky said a deal valuing Virgin Orbit at about $3 billion could be announced within the coming weeks. NextGen shares gained 1.9% in the premarket.
*Any information contained in this article, including any information contained in external third party links, if any, is solely for informational purposes and does not contain, or should not be construed as containing, investment advice or an investment recommendation, or, an offer of or solicitation for any transactions in financial instruments. Past performance does not guarantee or predict future performance. Colmex Pro Ltd does not take into account your personal investment objectives or financial situation and makes no representation, and assumes no liability to the accuracy or completeness of the information provided, nor for any loss arising from any investment based on presented information.