The drugmaker’s stock fell 3.4% in the premarket despite reporting better-than-expected quarterly profit and revenue. Both profit and revenue were down over 40% as compared to the year-ago period.
Meta Platforms (META)
Meta gained 2.6% in premarket trading after The Wall Street Journal reported that the Facebook parent was preparing to announce large-scale layoffs this week.
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Apple shares lost 1.8% in premarket action after the company said Covid-19 restrictions are hindering iPhone production at the Foxconn factory in China, the world’s biggest iPhone production site.
The delivery service’s stock added 2.7% in premarket trading after it was upgraded to “outperform” from “perform” at Oppenheimer, which cited improving margins at US restaurants among other factors.
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Berkshire Hathaway (BRK.b)
Berkshire Hathaway added 1.5% in premarket action after Warren Buffet led firm reported better-than-expected earnings, with revenue also exceeding Street forecasts. However, Berkshire reported an overall loss as a falling stock market ate into the value of its investment portfolio.
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Shares of the lidar sensors maker jumped 5.1% in premarket action as the company will combine with rival Velodyne (VLDR) in a merger of equals, with Ouster and Velodyne shareholders each owning 50% of the combined entity. Velodyne surged 5.6% in the premarket.
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Yamana Gold (AUY)
Yamana Gold slipped 2.7% in premarket trading after Gold Fields (GFI) said it would not change the terms of its acquisition deal with Yamana. Agnico Eagle Mines (AEM) and Pan American Silver (PAAS) submitted a rival offer on Friday, but Gold Fields maintains that its bid is superior.
Shares of the airline rallied 6.2% in the premarket after it posted the largest-ever profit for the first half of the year.
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Shares of the identity management software maker jumped 3.9% in the premarket after Guggenheim upgraded the stock to “buy” from “neutral.” It called the stock’s current valuation “too compelling to ignore.”