Stocks making the biggest moves in the premarket: Becton Dickinson, Regeneron, Uber, Netflix & more
Take a look at some of the biggest movers in the premarket:
Becton Dickinson (BDX) β The medical products maker said the Food and Drug Administration has granted emergency use authorization for its rapid Covid-19 test that can deliver results in 15 minutes. The test can be used with the company's "BD Veritor PLUS" portable analysis system.
Dominion Energy (D) β Dominion sold its natural gas transmission and storage network to Warren Buffett's Berkshire HathawayΒ (BRK.B) for $4 billion, with Berkshire also assuming $5.7 billion in debt. Separately, Dominion and Duke Energy (DUK) abandoned their $8 billion Atlantic Coast pipeline project after long legal delays caused the cost of the project to nearly double.
Uber Technologies (UBER)Β β Uber has agreed on a deal to buy food delivery service Postmates in a $2.65 billion stock deal, according to multiple reports. Uber had been in talks earlier this year with GrubhubΒ (GRUB) about a possible takeover deal, but those talks were unsuccessful.
Qiagen (QGEN)Β β A top Qiagen shareholder told Reuters that the takeover deal agreed to by the medical products maker in March no longer makes sense unless that bid is increased substantially. Qiagen agreed to be bought by Thermo Fisher Scientific (TMO) for $11.5 billion in March, but demand for Qiagen's coronavirus testing products has surged since then.
Fiat Chrysler (FCAU) β Fiat Chrysler may cut its planned special dividend related to its upcoming merger with Peugeot parent PSA Groupe, according to the Italian newspaper Il Sole 24. The automaker is trying to conserve cash amid the COVID-19 pandemic's impact on global auto sales.
Regeneron Pharmaceuticals (REGN) β Regeneron said its antibody drug cocktail to treat Covid-19 is starting phase 3 trials, less than a month after the treatment began phase 1. Separately, Regeneron and partner Sanofi (SNY) said a U.S. trial involving the use of their arthritis drug Kevzara to treat Covid-19 patients failed to help those patients recover. The trial has now been halted.
Boeing (BA)Β β Another key test flight for Boeing's grounded 737 Max jet could take place as soon as this week, according to The Wall Street Journal. An "operational readiness review" will be conducted involving government pilots and airline crews from around the world.
Netflix (NFLX)Β β Netflix had a robust library of Black content before anyone else in Hollywood, according to an article in today's New York Times. The article said rivals of the video streaming service are now scrambling to catch up.
Spotify (SPOT) β Spotify was downgraded to "underperform" from "market perform" at Bernstein, which said that although podcasts could increase the streaming service's market share, it will not add much to the bottom line.
Embraer (ERJ) β A union representing workers at the Brazilian jet maker filed a lawsuit seeking to dismiss the company's board, after a $4.2 billion deal to sell the majority of Embraer's commercial aviation unit to Boeing fell apart. The union accuses the company of acting in bad faith, while Embraer said the union's allegations are unfounded.
Harley-Davidson (HOG) β The motorcycle maker was rated "buy" in new coverage at Citi, which notes an attractive valuation and the potential for a significant turnaround under the company's new CEO.
Tesla (TSLA) β JMP Securities raised its price target to a Street-high $1,500 per share from $1,050, saying the automaker is positioned to generate $100 billion in annual revenue by 2025.
Source: cnbc.com
