Novavax, Campbell Soup, Western Digital Rise Premarket; Affirm, Credit Suisse Fall
2022.06.08 15:15
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Wednesday, June 8. Please refresh for updates.
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Novavax (NASDAQ:NVAX) stock soared 9.8% after the drugmaker’s two-dose COVID-19 vaccine took a huge step toward regulatory authorization in the U.S, with the Food and Drug Administration panel voting that its benefits outweigh its risks.
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Affirm (NASDAQ:AFRM) stock fell 4.6% after Wedbush initiated coverage on the ‘buy now, pay later’ fintech at ‘underperform’, saying it can drop another 40% as rates rise and economic growth slows.
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Credit Suisse (NYSE:CS) stock fell 5.6% after the Swiss lender warned it will likely slide to a group-wide loss in the second quarter, citing “challenging” market conditions that have led to weakness at its key investment banking division.
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Campbell Soup (NYSE:CPB) stock rose 4.1% after the food company raised its annual core sales forecast on Wednesday, benefiting from higher prices and robust demand for its produce.
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Spirit Airlines (NYSE:SAVE) stock fell 1% after the carrier said it has postponed to June 30 a shareholder meeting to vote on the proposed merger agreement with Frontier Group (NASDAQ:ULCC).
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Bilibili ADRs (NASDAQ:BILI) rose 8.2%, Alibaba ADRs (NYSE:BABA) rose 4.1% and Tencent ADRs (OTC:TCEHY) climbed 2.3% after China approved a second batch of video games this year, reviving hopes of a more liberal attitude in the country’s stance toward internet firms.
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Western Digital (NASDAQ:WDC) stock rose 4.2% after the memory storage devices maker said it was reviewing options, including splitting its flash-memory and HDD businesses.
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Dutch Bros (NYSE:BROS) stock fell 2.5% after JPMorgan downgraded its stance on the coffee chain to ‘neutral’ from ‘overweight’, saying customers may reduce arbitrary spending given the hot inflation.
