By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, July 27th. Please refresh for updates.
Moderna (NASDAQ:MRNA) stock rose 8.2% after the drugmaker said Sunday it has received an additional $472 million from the U.S. government to support the development of its novel coronavirus vaccine. It also received $483 million in April.
Hasbro (NASDAQ:HAS) stock fell 3.2% after the toymaker reported a net loss of $33.9 million in the second quarter, with revenues down 29%. The company cited “temporary store closures, product shortages in fast-growing categories and lower retail inventory" due to the pandemic.
Apple (NASDAQ:AAPL) stock rose 1.2% despite being removed from JPMorgan’s Focus List. The investment bank keeps its overweight rating, but says "investors looking for further upside have to focus on the longer-term earnings trajectory rather than expect near-term upside." That said, the bank expects an earnings beat when Apple reports this week.
Biogen (NASDAQ:BIIB) stock rose 2.6% after Morgan Stanley (NYSE:MS) upgraded its investment stance on the drugmaker to ‘overweight’ from ‘underweight’, citing prospects for the success of its Alzheimer’s drug aducanumab.
Pacific Gas&Electric (NYSE:PCG) stock rose 0.4% after a Barron’s report suggested that the utility looks undervalued after coming out of bankruptcy protection.
Bloomin Brands (NASDAQ:BLMN) stock rose 3.6% after investment bank JPMorgan (NYSE:JPM) upgraded its stance on the restaurant holding company to ‘overweight’, seeing the company as “a survivor in the space.”
AstraZeneca (NYSE:AZN) ADRs rose 0.5% after the U.K.-based pharma giant agreed to pay up to $6 billion to Japanese drugmaker Daiichi Sankyo, in the second multibillion cancer drug collaboration in a year between the two companies.
Avery Dennison (NYSE:AVY)stock rose 1.3% after reporting a second-quarter earnings beat despite organic sales falling 13.7%.