GlaxoSmithKline, CureVac, Airbnb and more
Take a look at some of the biggest drivers in the premarket:
GlaxoSmithKline (GSK) – The drugmaker’s U.S.-listed shares jumped 3.1% in pre-market following a Bloomberg report that found the $ 54 billion consumer products unit of the company attracts interest from buyouts of private equity firms. Glaxo would only say that it is “well advanced” with plans to separate mainstream activity.
CureVac (CVAC) – The drugmaker’s shares fell 15.5% pre-market after the company announced it would halt development of its most advanced Covid-19 vaccine candidate. The move came after the European Medicines Agency told the company it would not speed up the approval process.
Airbnb (ABNB) – Cowen has improved Airbnb to ‘outperform’ relative to ‘market performance’, saying the street underestimates the growth in bookings in 2022 and that the increase in alternative accommodation will be an integral part of the travel landscape. Airbnb shares gained 2.4% in pre-market.
Signet Jewelers (SIG) – The jewelry retailer announced the acquisition of rival Diamonds Direct for $ 490 million in cash, and said the deal would immediately boost profits. Signet grew 3.1% in pre-market action.
Nike (NKE) – Nike rose 1.3% in pre-market trading after Goldman Sachs launched a cover with a buy note, citing a healthy industrial backdrop as well as strong growth initiatives from the shoe maker and of sportswear.
Fastenal (FAST) – The industrialsmaker matched estimates with quarterly profit of 42 cents a share, with revenue mostly in line with expectations. Fastenal said it continued to experience inflation linked to materials and transportation costs, and its shares fell 1% in pre-market.
Southwest Airlines (LUV) – Southwest Airlines has said it hopes to normalize its schedule by Wednesday, after canceling 28% of its flights last weekend and 10% on Monday. Southwest cited bad weather in Florida and staff issues for the higher level of cancellations.
MGM Resorts (MGM) – MGM Resorts has been outperformed for “outperforming” versus “neutral” at Credit Suisse, which has set a price target for the resort operator’s share at $ 33 per share. Credit Suisse believes that MGM has not received enough market credit for its ongoing transformation. MGM rebounded 2.4% in pre-market trading.
Tesla (TSLA) – Tesla sold just over 56,000 Chinese-made vehicles in September, the largest monthly total since production began in Shanghai two years ago. Tesla rose 1% in pre-market trading.
Square (SQ) – Square went from “overweight” to “neutral” at Atlantic Equities, which cites valuation, strong growth prospects and a disruptive business model. The payment service share rose 1.6% in pre-market.
Moderna (MRNA) – Moderna added 1% in pre-market trade, ahead of Thursday’s Food and Drug Administration panel meeting on the company’s request for approval of recalls using its Covid-19 vaccine. Backgrounders are expected to be released this morning highlighting the prospects for approval.