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Walgreens, AMD, and Baidu Fall Premarket; Novavax Rises

Published 03/31/2022, 08:00 AM
Updated 03/31/2022, 08:01 AM
© Reuters.

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Thursday, March 31st. Please refresh for updates.

  • Walgreens Boots Alliance (NASDAQ:WBA) stock fell 2.4% after the pharmacy chain posted disappointing second quarter revenue, hit by a decline in sales at its AllianceRx business.

  • Advanced Micro Devices (NASDAQ:AMD) stock fell 1.9% after Barclays downgraded its stance on the semiconductor to ‘equal weight’ from ‘overweight’, saying it’s time to move to the sidelines after gains of around 10% this month.

  • HP (NYSE:HPQ) stock fell 4.2% and Dell Technologies (NYSE:DELL) stock dropped 4.3% after Morgan Stanley downgraded both computer manufacturers to ‘equal weight’ from ‘overweight’, citing worries over PC demand.

  • Exxon Mobil (NYSE:XOM) stock fell 2.3% and Chevron (NYSE:CVX) stock dropped 1.8% after the sharp fall in oil prices on reports that the US plans a release of up to 180 million barrels from its Strategic Petroleum Reserve, the largest in the near-50-year history of the reserve.

  • CVS Health (NYSE:CVS) stock fell 0.6% after the drugstore chain agreed to pay the state of Florida nearly $500 million to resolve claims and avert a trial over its roles in fueling an opioid epidemic.

  • Baidu (NASDAQ:BIDU) stock fell 3% after the SEC added the search engine to its tally of US-traded Chinese stocks that could be delisted over problems with financial audits.

  • Expensify (NASDAQ:EXFY) stock slumped 9.3% after the expense management software company reported disappointing quarterly profit as well as a weaker-than-expected revenue forecast for the current quarter.

  • Novavax (NASDAQ:NVAX) stock rose 1.3% after the drugmaker asked EU regulators to clear its COVID-19 vaccine for use in teenagers.

Latest comments

AMD is in an industry that's going to experience growth headwinds going forward, people just do not need new phones, new computers, now; data center, w/o corporations buying much this quarter--maybe, some memory is all--is going to really drop w/ inflation chomping into budgets from weakening stock market, plus consumer quickly becoming strapped we saw from today's personal income stagnant while spending dropping.PCE at 40 year high is no good, either was the 0.6% beat for Feb., with it 100% known by Wall Street a 0.25% 1st hike should have been 0.50%, but, it's too late now and seems FED will be dovish again, only a 0.50% rate max, which is actually bad now. Dovish by FED is bad. 0.75%, even, 1% needs to be next hike, with CPI undoubtedly 40-year high too, and then some. 9.3% CPI is my guess for it in less than 2 weeks.
Barclay downgraded AMD? They just screwed up their bank yesterday. They can't run their own business
Pre-market fraud commences.  Can't have 2 straight days of losses in the laughingstock of the financial world, as "investors" come out of the woodwork to "buy" the massive 60 point dip and load up on the most grossly overvalued equities in world history.  Biggest investment JOKE on earth.
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