GlaxoSmithKline, CureVac, Airbnb, etc.

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Take a look at some of the biggest movers in the pre-sales market:

GlaxoSmithKline (GSK)-After Bloomberg reported that the company’s $54 billion consumer products division was attracting interest in private equity acquisitions, the drugmaker’s US-listed stock rose 3.1% before the market. GlaxoSmithKline will only say that it is “far ahead” in planning to separate the consumer business.

CureVac (CVAC)-After the company said it would stop developing its most advanced Covid-19 vaccine candidate, the drugmaker’s stock price fell 15.5% before going public. The decision was made after the European Medicines Agency told the company that it would not expedite the approval process.

Airbnb (ABNB) – Cowen upgraded Airbnb from “market performance” to “outperform”, saying that Wall Street underestimated the growth of bookings in 2022, and the increase in alternative accommodations will become a permanent part of the travel sector. Airbnb shares rose 2.4% before the market.

Signet Jewelers (SIG)-This jewelry retailer announced the acquisition of rival Diamonds Direct for US$490 million in cash, and said the transaction will immediately increase revenue. Signet rose 3.1% in pre-market trading.

Nike (NKE)-Nike rose 1.3% in premarket trading after Goldman Sachs began to cover it with a “buy” rating, citing a healthy industry background and strong growth initiatives by sports shoe and apparel manufacturers.

Fastenal (FAST)-The industrial product manufacturer’s quarterly earnings were 42 cents per share, in line with expectations, and revenue was basically in line with expectations. Fastenal said it continues to experience inflation related to material and transportation costs, and its stock price fell 1% before the market.

Southwest Airlines (LUV)-Southwest Airlines said that after canceling 28% of flights last weekend and 10% of flights on Monday, it hopes to resume normal flights by Wednesday. Southwest Airlines cited the inclement weather and staffing issues in Florida as a reason for the high cancellation rate.

MGM Resorts (MGM) – Credit Suisse upgraded MGM Resorts from “neutral” to “outperform”. Credit Suisse set a target price for the resort operator’s stock at $33 per share. Credit Suisse believes that the market does not give enough trust in MGM’s ongoing transformation. MGM rose 2.4% in pre-market trading.

Tesla (TSLA)-Tesla sold more than 56,000 Chinese-made cars in September, the largest monthly sales since it started production in Shanghai two years ago. Tesla rose 1% in pre-market trading.

Square (SQ)—Square has been upgraded from “neutral” to “overweight” in Atlantic Equities, citing valuations, strong growth prospects and disruptive business models. The payment service’s stock rose 1.6% before the market.

Moderna (MRNA)-Moderna rose 1% in pre-market trading ahead of Thursday’s Food and Drug Administration panel meeting, which discussed the company’s application for approval to use its Covid-19 vaccine booster. The briefing document is scheduled to be released this morning and provides some clues to the prospects for approval.

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