Check out the companies making headlines before the bell:
Walgreens (WBA) – The drugstore operator reported adjusted quarterly earnings of $1.59 per share, 19 cents above estimates, with earnings also beating Wall Street forecasts. Comparable pharmacy sales rose 7.3%, helped by demand for Covid vaccines. Walgreens shares initially rose premarket but pared gains and turned negative.
Baidu (BIDU) – Baidu fell 2.2% in premarket trade after the SEC included the search engine company on its list of US-traded Chinese stocks that could be delisted if US regulators don’t allow them to list the stocks Review financial audits of three years. Online entertainment company iQYI (IQ) was also added to this list, with shares falling 6.6%.
Novavax (NVAX) – Shares of the drugmaker rose 1.3% in premarket trading after it asked EU regulators to clear its Covid-19 vaccine for use in teenagers.
Advanced Micro Devices (AMD) – Barclays downgraded Advanced Micro Devices from overweight to equal weight, indicating cyclical risks in several different end markets for the semiconductor maker. AMD fell 2.2% premarket.
HP Inc. (HPQ), Dell Technologies (DELL) – Morgan Stanley downgraded both computer equipment makers and forecast that macroeconomic uncertainty will see companies shift spending away from hardware. HP was downgraded to underweight from even, while Dell was downgraded to even from overweight. HP fell 4.5% in premarket trading, while Dell lost 2.6%.
Kinross Gold (KGC) – The gold miner is in talks to sell a Russian mine to Russian-backed investment firm Fortiana Holdings, according to people familiar with the matter who spoke to The Wall Street Journal. It would be the first sale by a Western company of an asset left behind in Russia.
Amylyx Pharmaceuticals (AMLX) – An FDA panel voted against recommending approval of an experimental ALS drug being developed by Amylyx. The panel said study data could not prove the drug was effective in fighting the disease. Erasing early premarket losses, Amylyx is up 2.5%.
Robinhood Markets (HOOD) – Robinhood won a favorable ruling in a Massachusetts case in which a judge ruled that the state exceeded its powers by establishing a new fiduciary standard for brokerage firms operating in the state. The brokerage firm had been accused by regulators of encouraging its clients to take inappropriate risks.
Expensify (EXFY) – Expensify tumbled 14.3% premarket after the online expense management company released lower-than-expected quarterly earnings and weaker-than-expected revenue guidance for the current quarter.