Take a look at some of the biggest movers in the premarket:
Novavax (NVAX) – Novavax was awarded $1.6 billion in funding from “Operation Warp Speed,” the government program aimed at speeding the development and delivery of a Covid-19 vaccine. The money will be used to complete late-stage studies, establish large-scale manufacturing, and deliver 100 million doses as early as late 2020.
Regeneron (REGN) – The drugmaker was also the recipient of “Operation Warp Speed” funding, receiving $450 million for the development and production of its Covid-19 anti-viral antibody cocktail. The company said initial doses could be ready as soon as the end of the summer.
Quest Diagnostics (DGX) – The medical lab operator said turnaround time for Covid-19 test results has lengthened to four to six days for non-priority patients, as demand for its molecular diagnostic tests continues to surge.
Humana (HUM), Walgreens (WBA), McKesson (MCK) – These companies are partnering in an ad campaign encouraging people to return to medical offices for appointments, trying to allay fears of exposure to the coronavirus from a doctor’s office visit.
Vivint Solar (VSLR) – Vivint agreed to be bought by solar installation company Sunrun (RUN) for $1.46 billion in stock. Vivint Solar shareholders will receive 0.55 Sunrun shares for each share they now hold, representing a premium of 10.4%. Vivint is majority-owned by Blackstone (BX).
Occidental Petroleum (OXY) – The state of Wyoming will bid on land and minerals properties owned by Occidental, following approval by Wyoming’s State Loan and Investment Board. Occidental is selling assets to pare down debt incurred in last year’s $38 billion acquisition of Anadarko Petroleum.
Sirius XM (SIRI) – Sirius XM is near a deal to buy E.W. Scripps (SSP) podcasting unit Stitcher, according to people familiar with the matter who spoke to The Wall Street Journal. The satellite radio operator would reportedly pay around $300 million for Stitcher.
Square (SQ) – Square remains on watch after closing at a record high Monday, with the mobile payments company’s shares having more than tripled from their March low. The pandemic has prompted more consumers to use Square’s payment options.
Nvidia (NVDA) – Bank of America Securities raised its price target on the graphics chipmaker’s stock to a Street high of $460 per share from $420 a share, pointing to a robust gaming market ahead of new console launches from both Microsoft (MSFT) and Sony (SNE).
CBOE Holdings (CBOE) – CBOE was downgraded to “neutral” from “overweight” at Piper Sandler, which made the move following the exchange operator’s report on June trading volumes.
Tesla (TSLA) – The automaker’s stock is on watch following a fourth straight record close on Monday. Tesla is up nearly 43% over the past five sessions.
Red Rock Resorts (RRR) – Red Rock said company President Richard Haskins died last weekend in a watercraft accident. The Las Vegas casino operator said it would announce a succession plan in the coming days.
Teladoc Health (TDOC) – The stock was rated “overweight” in new coverage at Stephens, which said valuation is still attractive despite a more than 150% surge this year. Stephens bases its call on a large and still growing market for remote video medical visits.
Endo International (ENDP) – The Food and Drug Administration approved Endo’s Qwo treatment for moderate to severe cellulite in adult women. Endo said Qwo is the first injectable treatment for cellulite to receive FDA approval.