Walgreens, Baidu, Novavax and others
Check out the companies making headlines before the bell:
Walgreens (WBA) – The drug store operator reported an adjusted quarterly profit of $1.59 per share, 19 cents above estimates, with revenue also topping Wall Street forecasts. Comparable pharmacy sales rose 7.3%, helped by demand for Covid vaccines. Walgreens shares initially rose in the premarket but lost their gains and dipped negative.
Baidu (BIDU) – Baidu lost 2.2% in premarket trading after the SEC added the search engine company to its list of U.S.-traded China stocks that could be delisted if they don’t allow American regulators to review three years’ worth of financial audits. Online entertainment company iQYI (IQ) was also added to that list, with its shares sliding 6.6%.
Novavax (NVAX) – The drug maker’s shares gained 1.3% in premarket trading after it asked EU regulators to clear its Covid-19 vaccine for use in teenagers.
Advanced Micro Devices (AMD) – Advanced Micro Devices was downgraded to “equal weight” from “overweight” at Barclays, which points to cyclical risk in several different end markets for the semiconductor maker. AMD fell 2.2% in premarket action.
HP Inc. (HPQ), Dell Technologies (DELL) – Morgan Stanley downgraded both computer equipment makers, predicting companies will shift spending away from hardware due to macroeconomic uncertainty. HP was cut to “underweight” from “equal-weight” while Dell was cut to “equal-weight” from “overweight.” HP fell 4.5% in premarket trading, while Dell lost 2.6%.
Kinross Gold (KGC) – The gold mining company is in talks to sell a Russian mine to Russia-backed investment firm Fortiana Holdings, according to people familiar with the matter who spoke to The Wall Street Journal. It would be the first sale of an asset left behind in Russia by a Western company.
Amylyx Pharmaceuticals (AMLX) – An FDA panel voted against recommending the approval of an experimental ALS drug developed by Amylyx. The panel said study data failed to prove that the drug was effective in fighting the disease. Amylyx erased early premarket losses to rise by 2.5%.
Robinhood Markets (HOOD) – Robinhood won a favorable ruling in a Massachusetts case, with a judge deciding the state overstepped its authority in adopting a new fiduciary standard for brokerages operating in the state. The brokerage firm had been accused by regulators of encouraging its customers to take undue risks.
Expensify (EXFY) – Expensify tumbled 14.3% in the premarket after the online expense management company reported a lower-than-expected quarterly profit and issued a weaker-than-expected revenue forecast for the current quarter.