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CureVac Slumps in Premarket; Tesla, GlaxoSmithKline Rise

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By Geoffrey Smith

Investing.com -- Stocks in focus in premarket trading on Tuesday, 12th October. Please refresh for updates

Tesla (NASDAQ:TSLA) stock rose 1.0% after defying a general slump in Chinese car sales, posting its best month for local sales since the opening of its Shanghai factory. Overall Chinese car sales were down by 17% year-on-year in September. GlaxoSmithKline ADRs (NYSE:GSK) rose 3.0% after Bloomberg reported that private equity groups interested in its consumer health care unit - soon to be spun off from the company's pharma operations - have attached a $54 billion valuation to it. GSK also profited from the news that it will pool resources with CureVac to work on a second-generation messenger RNA-based vaccine for fighting Covid-19. CureVac (NASDAQ:CVAC) stock slumped 15%, however, as it finally abandoned efforts to get its first generation drug approved by regulators. Clinical tests had shown it had only a 48% efficiency rate in preventing serious disease. Chevron (NYSE:CVX) stock inched up 0.1% after the company dodged a demand from shareholders to present firm targets for cutting its carbon emissions. While a company presentation did lay out targets for the emissions the company itself produces, it only committed to a proportional decline in emissions from its products, rather than an absolute one. Fastenal (NASDAQ:FAST) stock rose 1.0% after the construction materials group produced quarterly earnings and guidance largely in line with expectations, although it warned of inflated input prices in the coming months. Southwest Airlines (NYSE:LUV) stock rose 0.5%, reversing early losses, after confirming that its Columbus Day weekend schedule disruption caused it to cancel another 1,000 flights on Monday. American Airlines (NASDAQ:AAL) stock rose 1.0% after it forecast a narrower loss for the third quarter than many expected. Excluding one-offs, American expects to lose between $620 million and $675 million, compared to an average forecast of $741.7 million. Signet Jewelers (NYSE:SIG) stock rose 4.5% after the company said it will buy Diamonds Direct for $490 million in cash.

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