US Premarket: Peloton, Novavax and other stocks making biggest moves

Novavax (NVAX)

Novavax tanked 23% in premarket action after the vaccine
maker missed both top and bottom-line targets for its recent quarter. This miss
comes as Novavax delivered just 31 million Covid-19 vaccine doses during the
quarter, putting it well off the pace of its projected 2 billion shots for
2022. However, Novavax reiterated its previous 2022 revenue forecast saying it
expected vaccine sales to accelerate during the current quarter.

Also Read | Why Finland and Sweden’s inclusion in NATO is bad news for Russia

Peloton (PTON)

Peloton shares trembled 25.8% in the premarket after the fitness equipment maker posted a wider-than-expected quarterly loss and projected current-quarter revenue below estimates due to declining demand.

Also Read | How Donald Trump’s interaction with January 6 committee could unfold

Vroom (VRM)

Shares of Vroom surged 38% in premarket trading after the
online used-vehicle seller posted a narrower than expected quarterly loss and
revenue that beat analyst estimates. Vroom also said that chief operating
officer Thomas Shortt would become CEO, replacing Paul Hennessey and unveiled a
restructuring that will eliminate about 270 jobs.

Also Read | Why is South Korea making ‘audacious’ plans to help North Korean economy?

Biohaven Pharmaceutical (BHVN)

The migraine drugmaker’s shares surged 72% in premarket
after it agreed to be bought by Pfizer (PFE) in a deal worth $11.6 billion.
Biohaven shareholders will receive $148.50 per share in cash, plus half a share
in a new publicly-traded company that will hold some of the Biohaven drugs
still in development. Pizer fell 1.4% after the announcement.

Also Read | Why is the baby formula shortage in US worsening? Explained

Aramark (ARMK)

The food services company’s share jumped 2.3% in the
premarket after news that it would separate its uniform services unit into a
separate company. Separately, Aramark reported a quarterly profit in line with
estimates, with revenue beating consensus.

Also Read | The big short: Is Elon Musk going to renegotiate Twitter deal?

Upstart (UPST)

Upstart plunged 51.2% in the premarket
despite reporting better-than-expected quarterly results. The fall comes as the
AI-powered lending platform operator slashed its outlook citing the current
macroeconomic environment is likely to negatively impact loan volume.

Also Read | US Democrats aim to boost Biden’s Ukraine aid to nearly $40 billion

AMC Entertainment (AMC)

AMC surged 6.8% in the
premarket trading after reporting a smaller than expected quarterly loss as
well as revenue that beat analyst estimates. AMC was helped by the release of
popular big-budget movies like “The Batman,” and noted a jump in per-patron
revenue above pre-pandemic levels.