US Premarket: Baidu, Moderna, Zendesk and other stocks making biggest moves

Baidu (BIDU)

Baidu shares added 4.1% in the premarket after Reuters
reported the China-based internet search giant is in talks to sell its
controlling stake in the video streaming company iQIYI (IQ). iQIYI fell 3.4%.

Moderna (MRNA)

Moderna shares added 1% in premarket action after it won
the recommendation of an FDA panel for use of its Covid-19 vaccine in children
aged from 6 to 17 years. A vote by the full FDA could come within a few days.

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Stellantis (STLA)

The stock rallied 3.4% in the premarket as the company
will begin indefinite layoffs next week at its Sterling Heights, Michigan
stamping plant. The world’s fourth-largest automaker did not specify how many
workers would be impacted.

MicroStrategy (MSTR)

MicroStrategy shares fell 2.2% in the premarket as the
price of bitcoin touched an 18-month-low. The business analytics company has
extensive bitcoin holdings.

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Zendesk (ZEN)

Zendesk gained 1% in premarket trading as the company is
in settlement talks with activist investor Jana Partners after ending an
unsuccessful effort to sell the software company, reported Wall Street Journal.
The report said proposed changes could involve CEO Mikkel Svane stepping down
and changes to the board of directors.

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Robinhood Markets (HOOD)

Shares of the trading platform operator slid 4.2% in
premarket action. The stock was downgraded to “underweight” from “neutral” at
Atlantic Equities, which cited Robinhood’s revenue trends.

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Sonos (SONO)

Sonos declined 3.1% in the premarket after the high-end
speaker maker was downgraded to “equal-weight” from “overweight” at Morgan
Stanley, which is concerned about the impact of more cautious consumer
spending.

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Wheels Up (UP)

Shares of the private jet company’s stock rose 2.1% in
the premarket after Goldman began coverage with a “buy” rating, saying Wheels
Up is a leading company in an established and growing end market.

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Snowflake (SNOW)

Shares of the cloud computing company gained 3.6% in the
premarket. The stock was upgraded to “buy” from “hold” at Canaccord Genuity.
Shares have declined over 65% in 2022, but Canaccord said the stock is now at
an attractive entry point, given growing demand and promising new products.