Tesla, Quidel, Chubb and more
Take a look at the top companies that made headlines long before the bell rang.
Tesla (TSLA) – Tesla announced it would move its corporate headquarters to Texas from California, with CEO Elon Musk noting the high cost of living and operating in California. Musk said that Tesla plans to boost output in its Californian and Nevada facilities.
Allogene Therapeutics (ALLO) – The drug maker’s shares tumbled 38.4% in the premarket after the FDA placed a hold on the company’s cancer drug trials due to a chromosomal abnormality in a single patient. The suspension will continue until the investigation has been completed.
Quidel (QDEL) – Quidel stock rallied 6.1% in premarket trading after the maker of rapid diagnostic tests reported more than $500 million in quarterly revenue, well above analyst projections. Covid-19 revenue was the main driver of growth.
Chubb (CB) – Chubb is buying the Asia Pacific and Turkey businesses of rival insurer CignaThe purchase price of $5.75billion cash (CI) It is anticipated that the transaction will be finalized by next year.
Oatly (OTLY) – The oat milk maker’s shares jumped 5.4% in the premarket after J.P. Morgan Securities upgraded the stock to “overweight” from “neutral.” It notes that the stock has dropped 49% since June’s peak, and views the upside as much greater than its downside risk.
Momentive Global (MNTV) – The owner of SurveyMonkey is exploring a potential sale, according to people familiar with the matter who spoke to Bloomberg. Momentive may decide to stay independent, although the talks are still in their early stages. Premarket trading saw Momentive stock rise 10.9%
Accolade (ACCD) – Accolade reported a quarterly loss of 97 cents per share, wider than the 56-cent loss anticipated by Wall Street analysts, although the provider of health care benefit solutions did see revenue top estimates. Its guidance indicates a similar trend for the current quarter, projecting a slightly wider-than-expected loss and better-than-anticipated revenue. Accolade stock fell 7.8% during the premarket
Beauty Health (SKIN) – Beauty Health shares rallied 2% in the premarket after Stifel Financial initiated coverage of the beauty products maker’s stock with a “buy” rating. Stifel’s price target of $33 represents a 24% upside.
Sirius XM (SIRI) – The satellite radio operator’s shares fell 1.4% in premarket trading after J.P. Morgan downgraded the stock to “neutral” from “overweight,” citing a slowdown in new auto sales as well as accelerated satellite investments.
Vaxart (VXRT) – Vaxart shares surged 8.5% in the premarket on upbeat test results involving its oral Covid-19 vaccine candidate. Biopharmaceutical giant Vaxart stated that the vaccine might reduce virus transmission by air and incite an immune response.