Stocks making the biggest moves premarket: Bristol-Myers Squibb, Costco, Super Micro Computer and more
Dive into the latest premarket trading highlights.
Bristol-Myers Squibb’s biopharmaceutical stocks have leaped by 5.3% following the FDA approval of Cobenfy for schizophrenia treatment in adults, marking a breakthrough after decades without a new treatment type.
Novo Nordisk, a Danish healthcare firm, saw a 2.9% slide in its U.S.-listed shares after JPMorgan predicted a Q3 sales figure lower than Wall Street’s estimates, due in part to low expectations for the blockbuster drug Wegovy.
Costco Wholesale’s shares circled down about 1% as the membership-only retailer missed Q4 revenue expectations. The revenue was recorded at $79.70 billion, falling short of the anticipated $79.97 billion, according to LSEG. Sluggish consumer spending and dropping gasoline prices impacted Costco’s results.
Super Micro Computer’s shares took a 2% hit, adding to their previous 12% loss. This slump occurred after the Justice Department launched an investigation following Hindenburg Research’s revelation of accounting manipulation issues.
Cassava Sciences’ shares sank by 11.5% after settling an SEC case over deceptive claims about an Alzheimer’s clinical trial, agreeing to a $40 million civil penalty.
Wynn Resorts’ shares ascended by 2.9% after an upgrade to overweight from equal weight by Morgan Stanley, due to the company’s strong performance compared to its competitors.
Dollar General’s shares decreased by 2% after Citi downgraded the stock to sell, citing Walmart’s growing retail dominance, which puts the dollar store at a disadvantage.
Shares of dating platform Bumble dropped 2% following a downgrade from KeyBanc to sector weight, due to weak app store data and potential risks in the upcoming year.
Finally, HP Inc.’s tech hardware stock receded roughly 2% after Bank of America’s downgrade from buy to neutral, indicating the company’s dependence on stock buybacks for EPS growth in future years.
