Beyond Meat, Pfizer, Nikola and others
See which companies are making the headlines even before the bell rings.
Beyond Meat (BYND) – Beyond Meat surged 9% in premarket trading on news that KFC will roll out the company’s fried chicken substitute nationwide starting Monday, following tests in a number of markets.
Pfizer (PFE) – The drug maker’s shares gained 1.5% in the premarket following a Bank of America upgrade to “buy” from “neutral”. It is due to significant pipeline investments as well as the rollout and launch of Paxlovid, an oral Covid-19 medication. A new partnership agreement was also signed by Pfizer with a German partner. BioNTech(BTNX) will develop a MRNA-based Shingles vaccine. BioNTech rose 1.7%.
Nikola (NKLA) – Nikola gained 2.2% in premarket action after logistics company USA TruckUSAK has announced the purchase of 10 electric Nikola trucks. Nikola dropped a $2B patent suit against USAK. TeslaAccording to a San Francisco Federal Court filing. In 2018, Tesla was sued by the electric car manufacturer, accusing it of copying many of its designs.
Alibaba (BABA) –Daily Journal Corp. has nearly doubled its stake in the Chinese e-commerce giant, according to a regulatory filing. Berkshire HathawayDaily Journal’s chairman is Charlie Munger. Alibaba lost 1% on the premarket.
Sony (SONY) – Sony announced plans to create an electric vehicle unit, and displayed a prototype sport utility vehicle at the Consumer Electronics Show in Las Vegas. Premarket shares rose 4.2%
MillerKnoll (MLKN) – The office furniture maker’s stock slid 3.1% in premarket action following a weaker-than-expected quarterly report. MillerKnoll reported an adjusted 51c per share. That’s 6 cents lower than estimates. Revenue was also less than Wall Street expected. Although order demand was high, the company was hit by disruptions in supply chains and labor.
Garmin (GRMN) – Garmin was upgraded to “buy” from “hold” at Deutsche Bank, with the firm citing several factors including valuation of the GPS device maker’s shares as well as the high quality of its financials and a favorable business environment. Garmin gained 1.2% in premarket trades.
Adobe (ADBE) – The software maker slid 2.2% in the premarket after being downgraded to “neutral” from “buy” at UBS after the firm spoke with more than a dozen IT executives about their 2022 spending plans. UBS believes that more spending was moved forward to 2020 and 2021, than it is commonly believed.
Pinterest (PINS) – The image-sharing site’s stock added 1.7% in premarket trading after Piper Sandler upgraded it to “overweight” from “neutral”. Piper believes the recent stock sell-off is an opportunity for investors, given user trends increasing and stable users on mobile.