Novavax, Tesla Rise Premarket; Lordstown Motors Slumps

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Novavax, Tesla Rise Premarket; Lordstown Motors Slumps

By Peter Nurse -- Stocks in focus in premarket trade on Monday, June 14th. Please refresh for updates.

  • Novavax (NASDAQ: NVAX ) stock soared 9.5% after the drugmaker reported that late-stage data from its U.S.-based clinical trial showing its vaccine is more than 90% effective against Covid-19 across a variety of variants of the virus.

  • Tesla (NASDAQ: TSLA ) stock rose 0.8%, helped by the sharp gains in Bitcoin in which the electric car maker still has a hefty holding. Still, Canaccord Genuity cut its target price on the stock, to $812 per share from $974, citing potential delays in its battery program.

  • Lordstown Motors (NASDAQ: RIDE ) stock fell 13% after the electric truck maker said that Chief Executive Officer Steve Burns and Chief Financial Officer Julio Rodriguez have resigned, days after the company warned that it had "substantial doubt" about its ability to continue as a going concern in the next year.  

  • Royal Dutch Shell (LON: RDSa ) ADR (NYSE: RDSa ) rose 1.7% after Reuters reported that the oil major is considering selling a stake in its largest U.S. oil field, an exercise which could fetch it as much as $10 billion.

  • Ferrari (NYSE: RACE ) stock fell 3.3% after Goldman Sachs downgraded its recommendation on the stock all the way to ‘sell’ from ‘buy’, citing the likely costly transition to the electric vehicle era.

  • Chipotle (NYSE: CMG ) stock rose 2.8% after Raymond James upgraded its recommendation of the restaurant stock to ‘strong buy’ from ‘outperform’, saying the recent rises in menu prices won’t scare away customers and will lead to better results in the quarters ahead.

  • Philips (NYSE: PHG ) ADR fell 4.4% after the Dutch medical equipment company recalled some breathing devices and ventilators because of a foam part that might degrade and become toxic, potentially causing cancer.

  • Qualcomm (NASDAQ: QCOM ) stock rose 0.5% after the Sunday Telegraph newspaper reported the semiconductor manufacturer is prepared to invest in UK chipmaker Arm if its $40 billion deal to be acquired by Nvidia (NASDAQ: NVDA ), up 0.5%, is blocked by regulators, quoting CEO Cristiano Amon.

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