Today's Pre-Market Stock Movers: PDD, WYNN, BIIB, AAPL and More
Gapping up
$PDD Holdings(PDD.US$ +14.2% (The China-based e-commerce platform beat top and bottom line estimates for its latest quarter, as more consumers to shop online. )
$Wynn Resorts(WYNN.US$ +5.9%, $MGM Resorts International(MGM.US$ +2.2%, $Melco Resorts and Entertainment(MLCO.US$ +8%, $Las Vegas Sands(LVS.US$ +3.2% (Casino stocks rallied in off-hours trading after the Chinese government granted the companies provisional licenses to continue operating in Macau. )
$Anheuser-Busch Inbev(BUD.US$ +4.2% (Anheuser-Busch InBev received a double upgrade from J.P. Morgan Securities, which raised the beer brewer's stock to "overweight" from "underweight." The firm now sees the potential for earnings outperformance while also noting a rapidly improving balance sheet.)
$First Solar(FSLR.US$ -2.6% (The solar company’s received a downgrade by J.P. Morgan to “neutral” from "overweight." J.P. Morgan's call notes the stock's outperformance since the announcement of the Inflation Reduction Act, which provided additional incentives for alternative energy.)
$Taboola Com(TBLA.US$ +65.2% (The software company announced a 30-year agreement with Yahoo, under which Taboola will power native advertising on all Yahoo platforms.)
Gapping down
$Apple(AAPL.US$ -1.7% (Apple could reportedly see a production shortfall of close to 6 million iPhone Pro models. A person familiar with assembly operations told Bloomberg that Apple and Foxconn do expect to be able to make up that shortfall in 2023.)
$Biogen(BIIB.US$ -5.5% (Online publication Science.org reported that a woman participating in a trial of the experimental Alzheimer’s treatment lecanemab had recently died from a brain hemorrhage. The publication said the trial was sponsored by Biogen and Japanese pharmaceutical company Esai.)
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