A paramedic prepares doses of the AstraZeneca vaccine for patients at a walk-in Covid-19 clinic inside a Buddhist temple in the Smithfield suburb of Sydney on Aug. 4, 2021.
Saeed Khan | AFP | Getty Images
Check out the companies making headlines in early trading.
AstraZeneca — The British pharmaceutical company’s shares rose over 2.7% in premarket trading following positive results from a trial of its drug Dato-DXd in the treatment of a common type of breast cancer.
Wayfair — Wayfair’s shares increased by over 2% after Bernstein upgraded the home merchandiser’s rating to market perform from underperform, citing improved revenue growth and margin commentary.
Chinese e-commerce stocks — U.S.-listed shares of Alibaba and PDD Holdings rose nearly 4% in premarket trading, while JD.com rose 3.3%. According to Bloomberg, China is considering relaxing rules that limit foreign investment in domestic publicly traded companies.
Seagen — The biotech firm saw its shares rise nearly 4% in premarket trading after positive results from a clinical trial of a treatment for previously untreated bladder cancer. The treatment demonstrated improvements in both overall survival and progression-free survival compared to chemotherapy.
Deere — The tractor manufacturer’s shares dropped about 1% after Canaccord Genuity downgraded the stock to hold from buy, citing a slowdown in growth for large agricultural equipment and normalizing dealer inventories.
Arm Holdings — The chip designer’s shares rose 1.3% during premarket trading. Although the stock experienced a 25% increase during its initial public trading, it is now trading just above its $51 IPO price. In a Friday note, Susquehanna initiated a neutral rating on the company.
Charter Communications — The company’s shares increased by approximately 2% after Wells Fargo upgraded Charter Communications to an overweight rating, citing the potential of its mobile roll-to-pay offering and rural growth to contribute to accelerated EBITDA and free cash flows.
Ralph Lauren — The clothing brand’s shares went up nearly 1% after Raymond James initiated an overweight rating in a note on Thursday evening. Analyst Rick Patel predicts a 20% upside potential from Thursday’s closing price.
Yeti — Yeti’s shares fell about 0.4% in premarket trading. Jefferies referred to Yeti as a “best-in-class” favorite in drinkware, even as new competitors enter the market.
— CNBC’s Pia Singh, Sarah Min, Samantha Subin, Tanaya Macheel, Brian Evans, and Michelle Fox contributed to this report.
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