Pfizer, Moderna, BioNTech, and Novavax Shares Drop as Pfizer Slashes Revenue Guidance
In pre-market trading, shares of Pfizer, Moderna, BioNTech, and Novavax have taken a hit following Pfizer’s decision to reduce its full-year revenue guidance by $9 billion. The pharmaceutical giant pointed to declining demand for its Covid treatment and vaccine as the primary reason for the downward revision.
Pfizer has experienced a 1.3% drop in its share price, prompting Jefferies to upgrade the company and identify it as an attractive buying opportunity. With Moderna losing 4.1% and BioNTech dropping 5%, vaccine markers are also feeling the impact. Novavax has shed 2.4% of its share value as well.
Stifel, an investment firm, has provided some positive news for consumer products stock Colgate-Palmolive. The firm upgraded Colgate-Palmolive from hold to buy, leading to a more than 1% gain in its share price during pre-market trading. Stifel cited the strength of Colgate-Palmolive’s pet food line Hill’s and its toothpaste as reasons to be optimistic about the stock.
Security software provider Varonis Systems experienced a 4.3% increase in its shares after Morgan Stanley raised its price target and upgraded the company. The upgrade was based on the belief that the growth of generative artificial intelligence (AI) will drive company growth.
In the sports world, Manchester United has seen its stock drop by 8.8% following news that British billionaire Jim Ratcliffe is in talks to acquire a minority stake in the soccer club. The potential deal would value Manchester United at over $3.3 billion. The news has had a significant impact on the stock’s value.
Pharmacy chain Rite Aid has faced significant challenges, resulting in a more than 5% drop in its share price. The company filed for Chapter 11 bankruptcy protection in New Jersey due to slowing sales, mounting debt, and lawsuits related to its alleged involvement in the nation’s opioid epidemic. Rite Aid has reached a deal with creditors on a restructuring plan and appointed Jeffrey Stein as its new CEO.
On the positive side, athleisure company Lululemon has experienced a more than 5% jump in its shares as it prepares to be added to the S & P 500 on Wednesday. This comes as Activision Blizzard is set to be taken over by Microsoft, leading to Lululemon replacing it in the index.
TAL Education Group, a stock in the education sector, has seen a 3.5% increase in its share price following an upgrade to buy from UBS. The firm highlighted the attractive valuation of TAL Education Group’s stock and the rapid profit growth of its non-academic tutoring business as catalysts for the upgrade.
Finally, Charles Schwab, a brokerage firm, saw a slight dip in its shares after posting mixed quarterly results. While its earnings per share beat estimates, revenue fell slightly short of expectations.
This news update represents a range of evolving situations and developments in the business world, shedding light on the fluctuations in the stock market and the factors that influence them. Investors will be closely watching these companies and their stocks as they navigate the challenges and opportunities ahead.
