By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, April 13th. Please refresh for updates.
Johnson & Johnson (NYSE:JNJ) stock fell 2.3% after U.S. medical authorities called for a pause in the use of the drugmaker’s Covid-19 vaccine over blood clotting issues.
Altimeter Growth Corp (NASDAQ:AGC) stock rose 5.1% with the SPAC set to take Singapore-based Grab Holdings public in the U.S. The deal has been valued at almost $40 billion, the largest ever deal involving a SPAC.
Moderna (NASDAQ:MRNA) stock rose 7.7%, benefiting from J&J’s woes, which give it a chance to grab share in the key U.S. market. The drugmaker’s Covid-19 vaccine was rolled out for use in England earlier Tuesday.
FedEx (NYSE:FDX) stock rose 1% after the investment bank KeyBanc Capital Markets upgraded its stance on the delivery giant to ‘overweight’ from ‘sector weight’, saying it can still grow numbers even as the market reopens.
Alibaba (NYSE:BABA) ADR fell 0.9% after regulators in China ordered the e-commerce giant’s financial technology affiliate Ant Group to revamp its business.
American Airlines (NASDAQ:AAL) stock fell 3.4%, United Airlines (NASDAQ:UAL) stock dropped 3.1%, Royal Caribbean (NYSE:RCL) stock fell 2.9% and Carnival (NYSE:CUK) stock fell 2.8% as the J&J vaccine news hits stocks associated with the reopening, including the airlines and cruise companies.
Bristol-Myers Squibb (NYSE:BMY) stock rose 0.7% after Truist Securities upgraded its stance on the pharmaceutical company to ‘buy’ from ‘hold’, citing the company’s strong drug pipeline.
- Credit Suisse (SIX:CSGN) stock fell 0.9% with the Swiss banking giant likely to see changes to its board. Proxy adviser Glass Lewis urged the bank’s shareholders to oppose Andreas Gottschling's re-election, on grounds that as risk committee chairman he should be held accountable for losses generated by its dealings with Greensill Bank and Archegos Capital Management.