Pfizer Slashes Revenue Guidance, Moderna and BioNTech Drop Pre-Market – Daily News Update

Date:

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.

See also  Boeing's 737 Max Struggles Continue; Unity Software to Cut 25% of Workforce; Activist Investor Takes $1B Stake in Match Group, US

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.

Frequently Asked Questions (FAQs) Related to the Above News

Why are Pfizer, Moderna, BioNTech, and Novavax shares dropping?

Pfizer announced a reduction in its full-year revenue guidance by $9 billion, citing declining demand for its Covid treatment and vaccine as the primary reason for the downward revision. This has impacted the shares of other vaccine manufacturers as well.

Which company's shares have experienced a drop in value following the news about Jim Ratcliffe's potential acquisition?

Manchester United has seen its stock drop by 8.8% after news broke that British billionaire Jim Ratcliffe is in talks to acquire a minority stake in the soccer club.

Why has Rite Aid faced challenges and experienced a drop in its share price?

Rite Aid 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. The company has reached a deal with creditors on a restructuring plan and appointed a new CEO.

Why did Lululemon's shares increase?

Lululemon experienced a more than 5% jump in its shares as it prepares to be added to the S&P 500 index. This comes as Activision Blizzard is set to be taken over by Microsoft, leading to Lululemon replacing it in the index.

Why did TAL Education Group's share price increase?

TAL Education Group saw 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.

What impact did Charles Schwab's quarterly results have on its shares?

Charles Schwab 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.

Which company's shares increased after an upgrade by Morgan Stanley?

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.

Which consumer products stock received a positive upgrade from Stifel?

Stifel upgraded Colgate-Palmolive from hold to buy, leading to a more than 1% gain in its share price during pre-market trading. The firm cited the strength of Colgate-Palmolive's pet food line Hill's and its toothpaste as reasons to be optimistic about the stock.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Share post:

Subscribe

Popular

More like this
Related

Tesla Shareholders Approve $56B Musk Pay Package, Texas Move

Tesla shareholders approve Elon Musk's $56B pay package and Texas move. Will this boost confidence in Musk's leadership at Tesla?

Asian Shares Rise as Investors Eye Bank of Japan Monetary Policy Decision

Asian shares rise as investors await Bank of Japan's monetary policy decision. Market optimism grows amid potential interest rate cuts.

Dispute Over Gene-Edited Crop Patents Engulfs Europe

The heated debate over gene-edited crop patents in Europe is sparking controversy over intellectual property rights in agriculture.

Elon Musk’s Warning on Apple’s Data Sharing Sparks Controversy

Elon Musk sparks controversy with Apple's data sharing warning, while Tamil producer Bava thanks Musk for meme featuring his film poster.