Finance News

Shares that make the most important strikes forward of the market: Pfizer, Occidental Petroleum, Financial institution of America, and extra

A syringe is filled with a dose of Pfizer's coronavirus disease (COVID-19) vaccine at a pop-up community vaccination center at the Gateway World Christian Center in Valley Stream, New York, United States, on February 23, 2021.

Brendan McDermid | Reuters

Check out the companies that make the headlines before the doorbell rings:

China Evergrande Group – Chinese real estate giant Evergrande is down more than 10% on the Hong Kong Stock Exchange, terrifying Asian markets. The company has struggled to pay its suppliers and warned investors twice in so many weeks that it would be unable to meet its debts. Last week, Evergrande said its home sales are likely to continue to decline significantly in September after declining for months.

Pfizer – The pharmaceutical giant said Monday that studies had shown its Covid vaccine to be safe and effective when used in children ages 5-11. Pfizer and its partner BioNTech said they would submit the results "as soon as possible" for approval. Pfizer's shares lost about 1% in pre-trading hours.

Laredo Petroleum, Occidental Petroleum – Oil and energy stocks slumped in pre-trading hours on Monday. The SPDR S&P Oil & Gas Exploration ETF is down more than 3% in early trading and is well on its way to its third consecutive negative session. Laredo Petroleum is down more than 8%, Callon Petroleum about 6% and Occidental Petroleum nearly 5%. The losses came when crude oil fell on fears of a global economic slowdown related to China's real estate market.

Colgate-Palmolive – Consumer staples stock was upgraded by Deutsche Bank on Sunday to buy from hold. The investment firm said Colgate's difficulties with inflation and in some international markets were already priced into its stocks.

JPMorgan, Bank of America – Bank stocks slipped in line with a decline in bond yields on fears of the slowdown. Investors flocked to Treasuries for security as the stock market faces its biggest sell-off in months. Big bank stocks took a hit as falling prices could hurt profits. Bank of America and JPMorgan Chase each lost more than 2% in early trading. Citizens Financial Group was down 3% while Citigroup was down 2.5%.

AstraZeneca – The British pharmaceutical company announced on Monday that its breast cancer drug Enhertu had shown positive results in a Phase III study. The company's shares rose more than 1% in pre-trading hours.

ARK Innovation ETF – Cathie Wood's ARK Innovation ETF is down 2.75% in the premarket, making it well on its way to a 3-day winning streak. Compugen, DraftKings, Coinbase and Square are among the ETF's biggest losers this morning.

– with reports from Jesse Pound and Yun Li from CNBC.

Related Articles