Stock market

Tesla Rises Premarket; Chewy, Vertex Fall

Stock Markets13 minutes ago (Jun 11, 2021 08:09AM ET)Tesla Rises Premarket; Chewy, Vertex Fall© Reuters.

By Peter Nurse — Stocks in focus in premarket trade on Friday, June 11th. Please refresh for updates.

  • Tesla (NASDAQ:TSLA) stock rose 0.5% after the electric car manufacturer unveiled its Model S Plaid at an event held at its Fremont, California factory, with the new high-end version of its Model S selling for just under $130,000. 
  • Chewy (NYSE:CHWY) stock fell 1.3% after the pet-product retailer warned of labor shortages, higher wages eating into margins and supply chain challenges despite the company’s swing back to profit.
  • Vertex Pharmaceuticals (NASDAQ:VRTX) stock fell 13% after the biotech decided not to go ahead with its attempt to develop a drug for a rare liver disorder, a setback in its attempt to broaden its offerings beyond cystic fibrosis drugs.
  • Snowflake (NYSE:SNOW) stock fell 3.7% after the cloud computing company presented a highly ambitious financial target of reaching $10 billion in annual product revenue by 2029 at its Investor Day meeting, compared with $554 million in its fiscal year that ended in January.
  • Royal Caribbean (NYSE:RCL) stock fell 2% after the cruise operator reported that two passengers aboard its Millennium cruise ship tested positive for Covid-19. The passengers have been isolated, and the cruise line is currently conducting contact tracing. 
  • Biogen (NASDAQ:BIIB) stock rose 1.4% after UBS upgraded its stance on the drug maker to ‘buy’ from ‘neutral’, citing the FDA’s approval this week of its Alzheimer’s disease treatment Aduhelm.
  • Zoom Video Communications (NASDAQ:ZM) stock rose 0.6% after RBC Capital Markets initiated coverage with an ‘outperform’ rating, calling the video conferencing company a top pick. The bank says a hybrid return to office in the corporate world is an opportunity for Zoom to differentiate itself and excel.
  • Dave & Buster’s Entertainment (NASDAQ:PLAY) stock rose 5.1% after the restaurant and entertainment company reported better than expected first-quarter earnings, actually reporting a profit.
  • Deutsche Bank (DE:DBKGn) stock fell 1.5% after reports stated that the ECB has asked the German bank not to wait too long in naming a successor to Chairman Paul Achleitner, allowing the central bank enough time to vet the candidate to replace him.

Tesla Rises Premarket; Chewy, Vertex Fall

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