Stocks making the biggest moves in the premarket: Prevail Therapeutics, Moderna, Apple, Pinterest & more
Take a look at some of the biggest movers in the premarket:
Eli Lilly (LLY) – The drugmaker announced a deal to buy Prevail Therapeutics (PRVL) for $880 million or $22.50 per share, with Prevail shareholders also receiving a "contingent value right" worth up to $4 per share subject to future regulatory approvals of Prevail drugs. Separately, Eli Lilly increased its quarterly dividend to 85 cents per share from 74 cents, a 15% increase. Lilly also raised its full-year earnings forecast. Prevail jumped 86% in premarket trading as of 7:38 a.m. ET. Eli Lilly shares gained 2%.
Bristol-Myers (BMY) – Goldman Sachs added the drugmaker's stock to its "Conviction List," on expectations of a number of Food and Drug Administration approvals as well as pipeline data that should drive up earnings estimates. Bristol shares added 2% in premarket trading as of 7:38 a.m. ET.
WPP (WPP) – WPP will restate its financial results from 2017 to 2019, but the world's biggest advertising firm said headline operating profit and cash flow would not be impacted. WPP said its method of presenting certain cash measures and hedges did not meet normal accounting standards for those years.
Baidu (BIDU) – Baidu is considering making its own electric vehicles, according to people with knowledge of the matter who spoke to Reuters. The Chinese search engine giant already operates a unit that develops autonomous driving and internet connectivity technology. The shares gained 4% in premarket trading as of 7:38 a.m. ET.
Apple (APPL) – Apple plans to ramp up iPhone production to 96 million for the first half of 2021, according to the Nikkei Asia news service citing a sales forecast that Apple shared with suppliers. That would be an increase of nearly 30 percent over the same period in 2020.
Moderna (MRNA) – Moderna said some documents related to the submission of its Covid-19 vaccine candidate for European approval were accessed in a cyberattack on the European Medicines Agency. The drugmaker said the documents did not identify any individual study participants. Separately, the Food and Drug Administration said Moderna's Covid vaccine data meets expectations for emergency use.
Regeneron Pharmaceuticals (REGN) – Regeneron is temporarily halting enrollment in a clinical trial for an experimental lymphoma treatment. That comes after the FDA requested changes in trial protocols.
Pinterest (PINS) – Pinterest will pay $22.5 million to settle gender bias and retaliation claims brought against the image-sharing company by former Chief Operating Officer Francoise Brougher. Pinterest did not admit any liability in agreeing to the settlement.
Ameriprise Financial (AMP) – Ameriprise is among the bidders considering second-round bids for the asset management arm of Wells Fargo (WFC), according to a Bloomberg report. Private-equity firms GTCR and Reverence Capital Partners are also said to be among bidders still in the running. People familiar with the matter have said that the unit could be sold for more than $3 billion.
Chewy (CHWY) – Chewy Chief Financial Officer Mario Marte told The Wall Street Journal that the pet products seller plans to increase the company's product offerings, and is also seeking ways to monetize its new, free telehealth service for pets.
Equifax (EFX) – The credit reporting agency was upgraded to "overweight" from "neutral" at Atlantic Equities, which cited upbeat current quarter trends. Atlantic also increased its price target on the stock to $228 per share from $172 a share.
Planet Fitness (PLNT) – The fitness chain's stock is the subject of a negative mention in The Wall Street Journal's Heard On The Street column, which said the pandemic has seriously dented the company's business prospects. That view is not universal – earlier this week, BMO Capital repeated a "buy" rating on the stock and raised its price target by $10 to $80 following meetings with management. BMO feels the pandemic will force smaller players to close and increase the company's market share.
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