By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, July 7th. Please refresh for updates.
Novavax (NASDAQ:NVAX) stock rose 32% after receiving $1.6 billion from the U.S. government to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the United States, with the aim of delivering 100 million doses by January 2021.
Regeneron Pharmaceuticals (NASDAQ:REGN) stock also rose 1.7% after it signed a $450 million contract with the government to develop a Covid-19 antibody cocktail.
Sunrun (NASDAQ:RUN) stock rose 10% after the residential solar-panel installer announced a deal late Monday to acquire rival Vivint Solar (NYSE:VSLR), up 20%, for about $3.2 billion, including debt.
Tesla (NASDAQ:TSLA) stock rose 1.9%, continuing the electric car maker stock’s spectacular run after JMP Securities increased its price target to $1,500, the most bullish target on Wall Street. That implies that Tesla could surge another 24% this year.
Shake Shack (NYSE:SHAK) stock fell 3.6% after its sales for the most recent week ended July 1 were down 39%, with the overall speed of company-wide sales recovery remaining uncertain due to ongoing volatility related to Covid-19 outbreak.
Facebook (NASDAQ:FB) stock fell 0.7%, Microsoft (NASDAQ:MSFT) was down 0.3%, Twitter (NYSE:TWTR) fell 1.2% and Alphabet (NASDAQ:GOOGL) edged 0.3% lower as these tech giants have all announced they have suspended the processing of requests for user data from the Hong Kong authorities. That follows the introduction of sweeping new security rules imposed by Beijing.
United Airlines (NASDAQ:UAL) stock fell 2.6% and American Airlines (NASDAQ:AAL) dropped 2.2% with the surge in Covid-19 cases prompting fears that states may have to reintroduce travel bans.
Royal Caribbean (NYSE:RCL) stock fell 1% and Norwegian Cruise Line (NYSE:NCLH) dropped 1.4% as they announced a joint task force to help develop safety standards for restarting their businesses.
Moelis (NYSE:MC)&Co stock dropped 1.7% after JPMorgan (NYSE:JPM) downgraded its stance on the investment bank to underweight from neutral, while increasing its target price to $26 from $20.
EW Scripps (NASDAQ:SSP) stock rose 4.8% with Sirius XM (NASDAQ:SIRI) closing in on a deal to buy its podcasting unit Stitcher, according to The Wall Street Journal.