Check out the companies that made headlines hours ago:
Walgreens (WBA) – The drugstore operator reported a consistent quarterly profit of 9 1.59 per share, 19 cents higher than expected, and revenue also topped the Wall Street forecast. Comparative pharmacy sales rose 7.3%, aided by demand for the covid vaccine. Shares of Walgreens initially rose in the premarket but lost their profits and declined negatively.
Baidu (BIDU) – Baidu lost 2.2% in premarket trading after the SEC added the search engine company to its list of US-traded Chinese stocks, which could be dropped if US regulators do not allow a three-year financial audit review. . Online entertainment company iQYI (IQ) also added to the list, with its shares down 6.6%.
Novavax (NVAX) – Pharmaceutical shares rose 1.3% in pre-market trading after EU regulators were asked to clear the Covid-19 vaccine for teenage use.
Advanced Micro Devices (AMD) – Advanced Micro Devices have been downgraded from “overweight” to “equal weight” in Barclays, pointing to cyclical risks for semiconductor manufacturers in a variety of end-to-end markets. AMD fell 2.2% in pre-market action.
HP Inc. (HPQ), Dell Technologies (DELL) – Morgan Stanley downgrades both computer equipment makers, predicting that companies will cut costs from hardware due to macroeconomic uncertainty. HP has been downgraded from “Equal Weight” to “Underweight” while Dell has been downgraded from “Overweight” to “Equal-Weight.” In premarket trading, HP lost 4.5%, while Dell lost 2.6%.
Kinners Gold (KGC) – Gold mining company is in talks to sell a Russian mine to Russian-backed investment firm Fortiana Holdings, according to people familiar with the matter who spoke to the Wall Street Journal. This will be the first sale of assets left in Russia by a Western company.
Amylyx Pharmaceuticals (AMLX) – An FDA panel voted against the recommendation to approve an experimental ALS drug made by Amylyx. The panel said the study’s data failed to prove that the drug was effective in fighting the disease. Amylyx erased initial premarket losses by 2.5%.
ROBINHOOD MARKETS (HOOD) – Robinhood has won a favorable verdict in a Massachusetts case in which a judge overstepped the authority of the state in adopting a new trust standard for brokerages operating in the state. The brokerage firm was accused by regulators of encouraging its clients to take unwanted risks.
Expensify (EXFY) – Expenses in the premarket fell 14.3% after the online expense management company reported its expected quarterly profit and released lower-than-expected revenue forecast for the current quarter.