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Take a look at some of the biggest drivers in the premarket:
Lordstown Motors (RIDE) – The electric truck maker has been demoted to “underweight” from “on par” at Morgan Stanley, which notes that the recently announced sale of the Lordstown, Ohio plant to Foxconn values the plant to less than a fifth of previous estimates. . Lordstown fell 6.8% in pre-market.
Ocugen (OCGN) – The developer of gene therapy treatments climbed 10.7% in pre-commercialization after announcing joint development and supply agreements involving its Covid-19 vaccine candidate and its treatment for dry macular degeneration age-related.
PepsiCo (PEP) – The snack and beverage giant broke estimates by 6 cents per share, with quarterly profit of $ 1.79 per share. Revenue also exceeded Street’s forecast. PepsiCo has also increased its annual revenue forecast, as the easing of restrictions linked to the pandemic increases sales in restaurants and theaters. The stock rose 1% before market.
Facebook (FB) – Facebook posted a modest rebound after falling nearly 5% on Monday, rising 1.1% in pre-market action. Monday’s drop came in the wake of a “60-minute” whistleblower report as well as a six-hour outage that impacted all of Facebook’s services.
Tesla (TSLA) – Tesla will have to pay former worker Owen Diaz around $ 137 million, for a hostile work environment that included persistent racist remarks. That decision came from a federal court in San Francisco, with the jury awarding more than the lawyers asked for their client. Tesla rose 1% in pre-market trading.
Albertsons (ACI) – Shares of the supermarket operator fell 4% in pre-market after BMO Capital lowered the stock to “underperform” relative to “market performance.” BMO notes an increase in labor costs and a more price sensitive consumer environment.
Southwest Airlines (LUV) – Southwest is the latest airline to announce a Covid-19 vaccine mandate for its workers. Employees will have until Dec. 8 to comply, although they are allowed to request religious or medical exemptions.
Veoneer (VNE) – Veoneer has agreed to be acquired by investment firm SSW Partners for $ 37 per share, with SSW then selling the automotive technology company’s sensors and driving platforms business to Qualcomm (QCOM ). Veoneer agreed in July to be acquired by Canadian auto supplier Magna International (MGA) for $ 31.25 per share. Veoneer fell 1% in pre-market.
Duckhorn Portfolio (NAPA) – Duckhorn Portfolio reported quarterly earnings of 8 cents per share, well above the consensus estimate of 1 cent per share. The income of the Calfornian wine producer also exceeded Wall Street forecasts. The Duckhorn Portfolio also posted better-than-expected full-year earnings outlook. Its shares rose 2.2% in pre-release.
Johnson & Johnson (JNJ) – J&J has submitted an application to the Food and Drug Administration for authorization to use an emergency booster using its Covid-19 vaccine. The FDA had already scheduled an expert panel review of the recall data for J&J and Moderna (MRNA) next week.
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