Pfizer, Occidental Petroleum, Bank of America and more
A syringe is filled with a dose of Pfizer’s coronavirus disease (COVID-19) vaccine at a pop-up community vaccination center at the Gateway World Christian Center in Valley Stream, New York, U.S., February 23, 2021.
Brendan McDermid | Reuters
Check out the companies making headlines before the bell:
China Evergrande Group — Chinese property giant Evergrande tumbled more than 10% on Hong Kong Stock Exchange, spooking Asian markets. The company has been scrambling to pay its suppliersIt warned investors twice within two weeks it might default on its loans. Evergrande stated last week that its September property sales would likely drop further after months of decline.
Pfizer — The pharmaceutical giant said Monday that trials showed its Covid vaccine was safe and effective when used in children ages 5 to 11. Pfizer said that BioNTech, its partner, would submit the results for approval. Premarket trading saw Pfizer shares fall by about 1%.
Laredo Petroleum, Occidental Petroleum — Oil and energy stocks dipped in premarket trading on Monday. The SPDR S&P Oil & Gas Exploration ETF is down more than 3% in early trading, on pace for its 3rd straight negative session. Laredo Petroleum has dropped more than 8% while Callon Petroleum is dropping around 6% and Occidental Petroleum, nearly 5%. These losses were caused by crude oil falling on concerns of a global slowdown linked to China’s real estate market.
Colgate-Palmolive — The consumer staples stock was upgraded to buy from hold by Deutsche Bank on Sunday. According to the investment company, Colgate’s problems with inflation and on some international markets were already included in its stock price.
JPMorgan, Bank of America — Bank stocks slid in unison amid a decline in bond yields on slowdown fears. The stock market’s biggest decline in several months has seen investors flock to Treasurys as a safety measure. As falling rates might crimp profits, big banks stocks were affected. JPMorgan Chase and Bank of America were both down over 2% during premarket trading. Citizens Financial Group lost 3% and Citigroup fell 2.5%.
AstraZeneca — The United Kingdom-based pharmaceutical company announced on Monday that its breast cancer drug Enhertu showed positive results in a phase-three trial. Premarket trading saw shares of Enhertu rise more than 1%.
ARK Innovation ETF — Cathie Wood’s ARK Innovation ETF is down 2.75% in the premarket, on pace to snap a 3-day winning streak. Compugen and DraftKings are among the biggest losers in this ETF.
— with reporting from CNBC’s Jesse Pound and Yun Li.