Lordstown Motors, Ocugen, PepsiCo and more
Here are some top movers of the premarket.
Lordstown Motors (RIDE) – The electric truck maker was downgraded to “underweight” from “equal-weight” at Morgan Stanley, which notes that the recently announced sale of Lordstown’s Ohio plant to Foxconn values the plant at less than a fifth of prior estimates. Lordstown lost 6.8% on the premarket.
Ocugen (OCGN) – The developer of gene therapy treatments soared 10.7% in the premarket after it announced joint development and supply agreements involving its Covid-19 vaccine candidate and its treatment for dry age-related macular degeneration.
PepsiCo (PEP) – The snack and beverage giant beat estimates by 6 cents a share, with quarterly earnings of $1.79 per share. The Street also forecasted revenue as exceeding. PepsiCo’s annual revenue forecast was also increased due to the ease of pandemic restrictions increasing sales at movie theatres and restaurants. Premarket, the stock rose by 1%
Facebook (FB) – Facebook staged a modest rebound following a nearly 5% drop Monday, rising 1.1% in premarket action. Monday’s drop was due to the release of a “60 Minutes” whistleblower reportAs well a six-hour outageAll of Facebook’s services were affected.
Tesla (TSLA) – Tesla will have to pay former worker Owen Diaz about $137 millionOver a hostile workplace that featured enduring racism, the jury ruled in favor of Mr. A San Francisco federal court ruled in favor of the plaintiff, awarding him more than his attorneys asked for. Tesla gained 1% during premarket trading.
Albertsons (ACI) – The supermarket operator’s shares fell 4% in the premarket after BMO Capital downgraded the stock to “underperform” from “market perform.” BMO points to rising wage costs, and a price-sensitive customer environment.
Southwest Airlines (LUV) – Southwest is the latest airline to announce a Covid-19 vaccine mandate for its workers. The deadline for compliance is December 8, but employees will still be able to request religious and medical exemptions.
Veoneer (VNE) – Veoneer agreed to be acquired by investment firm SSW Partners for $37 per share, with SSW then selling the auto tech firm’s sensor and driving platform business to Qualcomm(QCOM). Veoneer agreed to be purchased by a Canadian auto supplier in July Magna InternationalMGA) at $31.25 per Share Veoneer lost 1% on the premarket
Duckhorn Portfolio (NAPA) – Duckhorn Portfolio reported quarterly profit of 8 cents per share, well above the 1 cent a share consensus estimate. Wall Street’s forecasts were also exceeded by Calfornia’s wine producer. Duckhorn Portfolio also provided a more positive outlook for full-year earnings. The shares of Duckhorn Portfolio rose by 2.2% during premarket trading.
Johnson & Johnson (JNJ) – J&J submitted an application to the Food and Drug Administration for emergency use authorization of a booster shot utilizing its Covid-19 vaccine. The FDA had already scheduled an expert panel review of booster data for both J&J and ModernaNext week (MRNA).