Check out the companies making headlines before the bell:
Tesla (TSLA) – Tesla announced it would move its corporate headquarters to Texas from California, with CEO Elon Musk noting the high cost of living and operating in California. Musk did say the company plans to increase output at its plants in California and Nevada.
Allogene Therapeutics (ALLO) – The drug maker’s shares tumbled 38.4% in the premarket after the FDA placed a hold on the company’s cancer drug trials due to a chromosomal abnormality in a single patient. The hold will be in place until an investigation is completed.
Quidel (QDEL) – Quidel stock rallied 6.1% in premarket trading after the maker of rapid diagnostic tests reported more than $500 million in quarterly revenue, well above analyst projections. Growth was primarily driven by Covid-19 related revenue.
Chubb (CB) – Chubb is buying the Asia Pacific and Turkey businesses of rival insurer Cigna (CI) for $5.75 billion in cash. The transaction is expected to be completed sometime next year.
Oatly (OTLY) – The oat milk maker’s shares jumped 5.4% in the premarket after J.P. Morgan Securities upgraded the stock to “overweight” from “neutral.” The firm notes a 49% drop from a June peak and now views the upside potential as far greater than the downside risk.
Momentive Global (MNTV) – The owner of SurveyMonkey is exploring a potential sale, according to people familiar with the matter who spoke to Bloomberg. The talks are in an early stage and Momentive could decide to remain independent. The stock surged 10.9% in premarket action.
Accolade (ACCD) – Accolade reported a quarterly loss of 97 cents per share, wider than the 56-cent loss anticipated by Wall Street analysts, although the provider of health care benefit solutions did see revenue top estimates. Its guidance indicates a similar trend for the current quarter, projecting a slightly wider-than-expected loss and better-than-anticipated revenue. Accolade shares slumped 7.8% in the premarket.
Beauty Health (SKIN) – Beauty Health shares rallied 2% in the premarket after Stifel Financial initiated coverage of the beauty products maker’s stock with a “buy” rating. Stifel’s price target is $33, representing a 24% upside.
Sirius XM (SIRI) – The satellite radio operator’s shares fell 1.4% in premarket trading after J.P. Morgan downgraded the stock to “neutral” from “overweight,” citing a slowdown in new auto sales as well as accelerated satellite investments.
Vaxart (VXRT) – Vaxart shares surged 8.5% in the premarket on upbeat test results involving its oral Covid-19 vaccine candidate. The biopharmaceutical company said the vaccine may reduce airborne transmission of the virus and induce a robust immune response.