Stocks making the biggest moves in the premarket: Tesla, CureVac, Otis Worldwide & more
Take a look at some of the biggest movers in the premarket:
Otis Worldwide (OTIS) – The world’s biggest producer of escalators and elevators reported quarterly earnings of 66 cents per share, 7 cents a share above estimates. Revenue came in above estimates as well and Otis issued a better-than-expected earnings forecast for 2021. Otis shares rose 2% in premarket trading as of 7:35 a.m. ET.
Thermo Fisher Scientific (TMO) – The life sciences company reported quarterly earnings of $7.09 per share, beating the consensus estimate of $6.56 a share. Revenue also topped Wall Street forecasts. Thermo Fisher said its fourth-quarter was very strong, helped by $3.2 billion in what it calls “Covid-19 response revenue.” The company’s shares rose 1.2% in the premarket.
GameStop (GME), AMC Entertainment (AMC), Koss Corp. (KOSS) – These are among eight stocks that still face restrictions on the Robinhood trading platform, following last week’s Reddit-inspired volatility.
Silver mining companies – Stocks like Pan Am Silver (PAAS), Wheaton Precious Metals (WPM), Hecla Mining (HL) and others are jumping as the price of silver surges. Silver has also caught the attention of the Reddit community, leading to a buying binge.
International Flavors (IFF) – Shares of the producer of flavors and fragrances jumped 17% in premarket trading, following the announcement that it is completing its previously announced merger with DuPont’s (DD) nutrition and biosciences business today.
Exxon Mobil (XOM), Chevron (CVX) – The energy giants are said to have discussed a merger last year as the pandemic took hold, in talks first reported by The Wall Street Journal. The discussions were preliminary and are not ongoing, but people familiar with the talks told the Journal they could resume in the future.
Tesla (TSLA) – Piper Sandler raised its price target on Tesla to a Street high of $1,200 per share from $515 a share, with the firm saying Tesla could have new opportunities to pursue for decades due to its target industries currently embracing outdated business models. Tesla shares rose 2.8% in the premarket.
Moderna (MRNA) – Moderna is seeking Food and Drug Administration permission to increase the number of Covid vaccine doses in a vial to 15 from 10, according to sources who spoke to CNBC. Such a move would help ease a manufacturing crunch for the drugmaker. Moderna shares climbed 1.8% in premarket trading.
Unilever (UL) – The consumer products company is planning to sell a number of non-core beauty brands in the U.S. and Europe as part of an ongoing divestment program, according to a Bloomberg report. People familiar with the matter say the brands in question have combined annual sales of around $600 million, although no final decisions have been made.
CureVac (CVAC) – The German drugmaker will get manufacturing help from Bayer for its experimental Covid-19 vaccine, in the latest collaboration between drug companies to boost vaccine manufacturing capacity. Bayer aims to produce 161 million doses of the vaccine, which is currently in late-stage testing. CureVac shares jumped 10% in the premarket.
Nio (NIO) – Nio reported deliveries of 7,225 vehicles in January, an increase of 352% over year-earlier levels for the China-based electric vehicle maker. Nio shares rose 2.8% in premarket trading.
Stitch Fix (SFIX) – Stitch Fix was downgraded to “hold” from “buy” at Stifel in a valuation call, although the firm said it still holds a positive long-term view of the company. The online styling service’s stock has risen 326 percent over the past year.
General Electric (GE) – A judge dismissed most but not all of a shareholder lawsuit vs. GE over its past accounting practices and disclosures. The suit involved the company’s long term care insurance portfolio as well as long-term service agreements in its power division. GE shares edged up 1.1% in the premarket.