Take a look at some of the biggest movers in 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 tumbled 6.8% in 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. Revenue beat Street forecasts as well. PepsiCo also raised its annual revenue forecast as the easing of pandemic restrictions boosts sales at restaurants and movie theaters. The stock rose 1% premarket.
Facebook (FB) – Facebook staged a modest rebound following a nearly 5% drop Monday, rising 1.1% in premarket action. Monday’s decline came in the wake of a “60 Minutes” 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 about $137 million, over a hostile work environment that included enduring racist remarks. That ruling came from a San Francisco federal court, with the jury awarding more than attorneys had requested for their client. Tesla rose 1% in 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 notes increasing wage 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 December 8th to comply, although they will be allowed to apply for religious or 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 had agreed in July to be bought by Canadian auto supplier Magna International (MGA) for $31.25 per share. Veoneer fell 1% in the premarket.
Duckhorn Portfolio (NAPA) – Duckhorn Portfolio reported quarterly profit of 8 cents per share, well above the 1 cent a share consensus estimate. The Calfornia-based wine producer’s revenue also topped Wall Street forecasts. Duckhorn Portfolio issued a better-than-expected full-year earnings outlook as well. Its shares rose 2.2% in 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 Moderna (MRNA) next week.