Walgreens (WBA) – The pharmacy operator reported an adjusted quarterly earnings of $ 1.59 per share, 19 cents above estimates, with earnings also exceeding Wall Street forecasts. Comparable pharmacy sales rose 7.3%, helped by demand for Covid vaccines. Shares of Walgreens initially rose in the premarket but lost their gains and fell negatively. Baidu (BIDU) – Baidu lost 2.2% in preliminary trading after adding the search engine company to the list of Chinese stocks traded in the US that could be delisted if they did not allow US regulators to review financial controls of three years . The online entertainment company iQYI (IQ) was added to this list, with its shares falling 6.6%. Novavax (NVAX) – Shares of the drugmaker gained 1.3% in pre-market trading after it asked EU regulators to clear the Covid-19 vaccine for use in teens. Advanced Micro Devices (AMD) – Advanced Micro Devices have been downgraded to “equal weight” from “overweight” at Barclays, suggesting a cyclical risk in many different end markets for the semiconductor manufacturer. AMD fell 2.2% in pre-market activity. HP Inc. (HPQ), Dell Technologies (DELL) – Morgan Stanley downgraded both computer hardware makers, predicting that companies would move their costs away from the hardware due to macroeconomic uncertainty. HP was cut to “less weight” than “equal weight” while Dell was cut to “equal” from “overweight”. HP fell 4.5% in early trading, while Dell lost 2.6%. Kinross Gold (KGC) – The gold mining company is in talks to sell a Russian mine to Russian-backed investment company Fortiana Holdings, according to people familiar with the matter who spoke to the Wall Street Journal. It would be the first sale of an asset left to Russia by a Western company. Amylyx Pharmaceuticals (AMLX) – An FDA committee has voted against recommending the approval of an experimental ALS drug developed by Amylyx. The commission said the study data failed to show that the drug was effective in fighting the disease. Amylyx wrote off pre-market losses to increase by 2.5%. Robinhood Markets (HOOD) – Robinhood won a landslide victory in a Massachusetts case, with a judge ruling that the state exceeded its authority by adopting a new model of trust for state-owned brokerage firms. The brokerage firm had been accused by regulators of encouraging its clients to take unwarranted risks. Expensify (EXFY) – Expensify fell 14.3% in premarket after the online expense management company reported lower-than-expected quarterly earnings and issued a weaker-than-expected revenue forecast for the current quarter.
