Check out the companies that make the headlines before the doorbell rings:
Tesla (TSLA) – Tesla announced plans to move its corporate headquarters from California to Texas, with CEO Elon Musk citing the high cost of living and operating in California. Musk said the company plans to increase production at its California and Nevada plants.
Allogene Therapeutics (ALLO) – The drugmaker's shares fell 38.4% in the premarket after the FDA suspended the company's cancer drug trials for a chromosomal abnormality in a single patient. The lock remains in place until an investigation is completed.
Quidel (QDEL) – Quidel stock rose 6.1% in pre-trading hours after the rapid diagnostic test maker reported quarterly sales of more than $ 500 million, well above analysts' forecasts. The growth was mainly driven by Covid-19-related sales.
Chubb (CB) – Chubb is acquiring the Asia Pacific and Turkey businesses of rival insurer Cigna (CI) for $ 5.75 billion in cash. The transaction is expected to close in the next year.
Oatly (OTLY) – The oat milk manufacturer's shares rose 5.4% pre-IPO after J.P. Morgan Securities had upgraded the stock from "neutral" to "overweight". The company is down 49% from a June peak and now sees the upside potential far greater than the downside risk.
Momentive Global (MNTV) – The owner of SurveyMonkey is considering a possible sale, according to people familiar with the matter who spoke with Bloomberg. Talks are at an early stage and Momentive may decide to remain independent. The share rose by 10.9% before the IPO.
Accolade (ACCD) – Accolade reported a quarterly loss of 97 cents per share, more than Wall Street analysts expected loss of 56 cents, despite the health care solutions provider posting its top sales estimates. The forecast shows a similar trend for the current quarter and forecasts a loss slightly above expectations and better than expected sales. The Accolade share fell by 7.8% in the premarket.
Beauty Health (SKIN) – Beauty Health shares rose 2% in the premarket after Stifel Financial released the beauty product maker's share with a "Buy" rating. Stifel's target price is USD 33, which corresponds to an upward trend of 24%.
Sirius XM (SIRI) – The satellite operator's shares fell 1.4% in pre-trading hours after J.P. Morgan had downgraded the stock from overweight to neutral, citing a slowdown in new car sales and accelerated satellite investments.
Vaxart (VXRT) – Vaxart stock rose 8.5% in the premarket on positive test results with its oral Covid-19 vaccine candidate. The biopharmaceutical company said the vaccine could reduce airborne transmission of the virus and trigger a robust immune response.