During Market hours yesterday — Tuesday (29.12.2020):
Stocks slipped on Tuesday after reaching fresh all-time highs as traders weighed the possibility of even more fiscal stimulus being approved by Congress.
- The Dow (Symbol: DIA) went down 0.2%. The S&P 500 (Symbol: SPY) sank 0.2%. The Nasdaq (Symbol: QQQ) climbed 0.1%.
- Ormat Technologies (Symbol: ORA) — Shares of the alternative energy company advanced more than 3.5% after Bank of America initiated coverage on the stock with a buy rating and $96 target, according to FactSet. The stock rose to an all-time high on the heels of the bullish call.
- Barnes & Noble Education (Symbol: BNED) – The bookstore chain jumped 6.45% after chief financial officer Thomas Donohue said the company plans to continue its cost-cutting efforts as campuses remain closed, according to an interview with The Wall Street Journal. Donohue said he doesn’t expect further job cuts, and that the company will consider other cost-cutting measures, including fees paid to schools, according to the WSJ.
- Snap (Symbol: SNAP) – Shares advanced more than 6% after Goldman Sachs hiked its price target on the social media company to a street high of $70. The new target is about 35% above the stock’s current price of roughly $51. The bank said Snap’s partnerships as well as innovations will “increase the likelihood of revenue growth acceleration well beyond consensus forecasts in Q4 and beyond.” The stock is up more than 200% this year.
- Arcturus Therapeutics (Symbol: ARCT) – Shares tanked more than 54% after the biotech company’s phase 1/2 study of its Covid-19 vaccine candidate showed underwhelming results. Arcturus said the vaccine produced a potent immune response to the virus, and the company has received approval to proceed with a phase 2 study. However, a Guggenheim analyst said the data released Tuesday “raised more questions than answers,” adding only a successful phase 3 efficacy trial will resolve the growing controversy around the company’s vaccine candidate.
- Lemonade (Symbol: LMND) — The insurance company jumped more than 9%, rebounding from their recent slide. The company’s lockup period from its July initial public offering expired on Tuesday, and shares fell sharply in prior sessions, including a nearly 14% decline Monday.
- Alibaba (Symbol: BABA) — Shares rose more than 6% after the People’s Bank of China said fintech affiliate Ant Group was drafting a plan to set up a financial holding firm. The report comes amid heightened scrutiny from Chinese regulators around Ant Group’s operations.
During Premarket hours today – Wednesday (30.12.2020):
- Microvision (Symbol: MVIS) – The developer of laser scanning technology said it entered into an “at-the-market” equity offering agreement with Craig-Hallum Capital, and may sell up to $13 million in common shares at its discretion. Shares lost 7.5% in premarket trading as of 7:40 a.m. ET.
- CureVac (Symbol: CVAC) – The German biotech firm’s stock is among the vaccine-related shares rising this morning, with Moderna (Symbol: MRNA) on the rise as well. CureVac is in the midst of a mid- to late-stage trial of its vaccine candidate. As of 7:40 a.m. ET, CureVac shares had gained 6% and Moderna shares had gained 3%.
- AstraZeneca (Symbol: AZN) – Britain became the first country to approve the drug maker’s Covid-19 vaccine, setting the stage for a rollout of millions of doses. The vaccine is not yet approved in the U.S., with the FDA still to review large-scale trials. The stock was up 2% at around 7:40 a.m. ET.
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