Novavax, Peloton, Upstart Slump Premarket; Vroom, Biohaven Soar
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, May 10th. Please refresh for updates.
Novavax (NASDAQ:NVAX) stock fell 23% after the vaccine-maker missed earnings and revenue expectations even as it reported its first profitable quarter, citing uncertainty over future orders for its COVID treatment.
Peloton (NASDAQ:PTON) stock fell 27% after the exercise equipment maker reported a sharp fall in third quarter revenue, battered by lower demand for its stationary exercise bikes and tread machines as people returned to gyms.
Vroom (NASDAQ:VRM) stock rose 38% after the used car retailer posted a smaller than expected quarterly loss and a jump in revenue, adding that chief operating officer Thomas Shortt would become its new CEO.
AMC Entertainment (NYSE:AMC) stock rose 4.3% after the world’s largest theater chain posted better-than-expected quarterly revenue and a narrower loss, helped by the release of big-ticket films such as "The Batman".
Tesla (NASDAQ:TSLA) stock rose 1.6%, benefiting from the better overall tone despite the electric car manufacturer announcing the recall of about 130,000 vehicles in the United States following an overheating issue that may cause the center touchscreen display to malfunction.
Biohaven Pharmaceutical (NYSE:BHVN) stock soared over 72% after drugs giant Pfizer (NYSE:PFE), down 0.5%, announced it will buy the migraine drug maker for about $11.6 billion in cash.
Upstart (NASDAQ:UPST) stock fell 54% after the artificial intelligence lending company cut its full-year revenue forecast, warning that the current macroeconomic climate is likely to weigh on loan volume.
Norwegian Cruise Line (NYSE:NCLH) stock rose 1.9% after the company said bookings were now exceeding pre-pandemic levels. It also celebrated the sailing of Norwegian Spirit, the 17th and final ship in its fleet to return to service.
General Motors (NYSE:GM) stock rose 1.9% after Berenberg initiated coverage of the auto giant with a ‘buy’ rating, saying its shares should rise sharply as GM’s transition to electric vehicles ramps up.
O’Reilly Automotive (NASDAQ:ORLY) stock rose 1% after Bank of America upgraded its stance on the auto parts retailer to ‘buy’ from ‘hold’, saying the stock is now cheap and could be a smart place for investors to hide during the market selloff.
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