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PVH, Humana, Canoo and Nio fall premarket; Roivant rises

Published 04/02/2024, 07:37 AM
Updated 04/02/2024, 07:55 AM -- U.S. futures traded lower Tuesday, ahead of more labor market data as investors rein in expectations of an early Fed Reserve interest rate cut.

Here are some of the biggest premarket U.S. stock movers today:

  • UnitedHealth (NYSE:UNH) stock dropped 4.2%, CVS Health (NYSE:CVS) stock fell over 5% and Humana (NYSE:HUM) stock fell 9.5% after the Centers for Medicare & Medicaid Services announced unchanged reimbursement rates for Medicare Advantage health plans, signaling the insurers’ margins will remain under pressure next year.

  • PVH (NYSE:PVH) stock slumped over 22% premarket after the fashion retailer, which owns the Tommy Hilfiger and Calvin Klein brands, provided disappointing full-year sales guidance, citing a difficult macroeconomic backdrop, particularly in Europe.

  • DoorDash (NASDAQ:DASH) stock rose 0.4% after CFRA Research upgraded its investment stance on the food delivery platform to ‘buy’ from ‘hold’, citing its high growth potential.

  • Nio (NYSE:NIO) ADRs fell 2.2% after Barclays downgraded its stance on the Chinese EV manufacturer to ‘underweight’ from ‘equal weight’, citing weaker March sales.

  • General Electric (NYSE:GE) stock slumped 20% after the industrial conglomerate completed its breakup into three companies, with its aerospace and energy businesses to begin trading on the New York Stock Exchange as separate entities on Tuesday, more than a year after its healthcare business began trading on the Nasdaq.

  • Canoo (NASDAQ:GOEV) stock fell 27% after the EV start-up’s 2024 revenue forecast disappointed, while the management identified “substantial doubt” about its ability to continue as a going concern.

  • Trump Media & Technology (NASDAQ:DJT) stock fell 2%, continuing the previous session’s sharp losses when the stock lost more than fifth of its value.

  • Walt Disney (NYSE:DIS) stock fell 0.8%, with the entertainment giant appearing to pull ahead of activist investors in the battle for board seats and the future of the conglomerate.

  • Roivant Sciences (NASDAQ:ROIV) stock rose 7.2% after the biotech said its experimental drug to treat non-infectious uveitis helped reduce symptoms of the inflammatory eye disease in a mid-stage study.

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