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Stocks - Apple Falls in Premarket; Drug Reports Lift Gilead, AbbVie

Stock MarketsFeb 03, 2020 08:25AM ET
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By Geoffrey Smith -- Stocks in focus in premarket trade on Monday, 3rd February. Please refresh for updates

  • 8:58 AM ET: Tesla (NASDAQ:TSLA) stock rose 3.7% to a new all-time high after Chinese battery maker CATL confirmed it had signed a deal to supply the company. Tesla has recently commissioned its new factory in Shanghai and had flagged last week that it had diversified battery suppliers beyond traditional partner Panasonic.
  • Panasonic stock (OTC:PCRFY) earlier fell in Tokyo despite the company reporting better-than-expected earnings for the fourth quarter of 2019.
    • 8:53 AM ET: Luckin Coffee (NASDAQ:LK) stock rose 2.0% in a modest bounce from a 10.7% on Friday, when short-seller Muddy Waters Research disclosed a short position in the company. The company said at the weekend it "stands by its business model" after Muddy Waters alleged fraudulent accounting. The stock is still down by around one-third in the last two weeks, reflecting expectations of a severe hit to sales from the coronavirus outbreak.

    • 8:49 AM ET: Monster Beverage (NASDAQ:MNST) stock rose 2.1% after being upgraded to Overweight by analysts at Morgan Stanley (NYSE:MS).

    • 8:14 AM ET: Check Point Software (NASDAQ:CHKP) stock was down 1.7% despite reporting what appeared to be marginally better than expected numbers for the fourth quarter. The cyber security firm initially gave no guidance for the current year but will hold a conference call at 8:30 AM ET.

    • 8:21 AM ET: Northrop Grumman (NYSE:NOC) stock fell 1.6% after receiving a double-downgrade to Sell from Buy from analysts at Goldman Sachs (NYSE:GS).

    • 8:24 AM ET: Ryanair ADRs (NASDAQ:RYAAY) were in focus after the company’s common stock rose 5.4% in London on the back of a better-than-expected end to 2019. Europe’s largest discount airline returned to profit, but pushed back its medium-term traffic target due to the delayed receipt of Boeing (NYSE:BA) 737 MAXes.

    • 8:10 AM ET: Apple (NASDAQ:AAPL) stock fell 0.7% to a three-week low after the company said it would shut its stores, corporate offices and call centers in China until at least Feb. 9, out of what it called “an abundance of caution” over the coronavirus outbreak. The company makes some 20% of its iPhone sales in China. In addition to the sales issue, the company also faces possible supply-chain issues as the Chinese government has ordered factories around the country to stay shut until Feb. 10.

    • Boeing (NYSE:BA) stock was up 0.1% despite suggestions of further complications to the process of getting the 737 MAX airborne again. The New York Times reported that European regulators want the company to relocate certain stretches of wiring to reduce the risk of short-circuiting. The Wall Street Journal said that the Federal Aviation Agency, which disagrees with its European counterpart, may push back a key certification flight as a result.

    • AbbVie (NYSE:ABBV) stock was up 1.2% after reports that its antiviral products were part of a cocktail of drugs successfully used to treat a patient suffering from the novel coronavirus in Thailand.

    • Gilead Sciences (NASDAQ:GILD) stock was up 5.3% after saying late on Friday that a U.S. coronavirus patient had responded positively to treatment with the company’s anti-HIV drug remdesivir, which hasn’t yet received regulatory approval in the U.S. or anywhere else.

    Stocks - Apple Falls in Premarket; Drug Reports Lift Gilead, AbbVie

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