Finance

Stocks making the biggest moves in the premarket: Costco, AstraZeneca, Novavax, Harley & more

Take a look at some of the biggest movers in the premarket:

Costco (COST) – Costco reported quarterly earnings of $3.04 per share, 20 cents a share above estimates. The warehouse retailer’s revenue also beat Wall Street forecasts. Comparable-store sales rose 11.4% compared to the 7.8% consensus estimate of analysts polled by Refinitiv. Costco also saw digital sales jump by 91% from a year earlier.

AstraZeneca (AZN) – AstraZeneca received partial immunity from the European Union regarding any potential liability related to its Covid-19 vaccine candidate, according to Reuters. The drugmaker is said to have received that backing due to asking a lower price for the treatment, and would only pay legal costs up to a certain threshold.

Novavax (NVAX) – Novavax began a late-stage trial of its Covid-19 vaccine candidate in the U.K., in partnership with the government’s Vaccines Taskforce. Ten thousand participants between the ages of 18 and 84 are expected to be enrolled.

Harley-Davidson (HOG) – Harley is close to a distribution deal with India’s Hero MotoCorp, according to sources who spoke to Reuters. Harley had announced Thursday that it would stop sales and shut its India manufacturing plant, but the potential deal would allow Hero to import and sell Harley motorcycles in India.

Redfin (RDFN), Zillow (ZG) – Piper Sandler initiated coverage of both online real estate website operators with “overweight” ratings, as Americans relocate in record numbers in the wake of the Covid-19 pandemic.

Apple (AAPL) – The European Union will appeal a July court decision that favored Apple in a dispute over tax breaks Apple received in Ireland. The EU’s top court will rule on whether that tax deal constituted illegal state aid and whether a nearly $15 billion tax bill for Apple should be reinstated.

Carnival (CCL), Norwegian Cruise Line (NCLH), Royal Caribbean (RCL) – Barclays upgraded the cruise line stocks to “overweight” from “equal weight.” The firm said that although the call may be early, the risk/reward profile is attractive and anticipating that the Centers for Disease Control and Prevention may make positive comments about a return to cruising when it addresses the issue within a few days.

Churchill Downs (CHDN) – Susquehanna Financial upgraded the stock to “positive” from “neutral,” following a 10% drop Thursday. The stock fell after the Kentucky Supreme Court ruled that certain slot-like machines that bet on old horse races were in violation of current law, but both Churchill Downs and Susquehanna point out that Churchill Downs does not use the system specifically addressed in the court case.

Boeing (BA) – Boeing supplier Impresa filed for bankruptcy protection, stemming from the grounding of Boeing’s 737 Max jet after two fatal plane crashes. The Max was a key source of revenue for privately held Impresa.

Brookfield Property Partners (BPY) – Brookfield plans to cut down its shopping mall portfolio, according to comments made by Brookfield CEO Brian Kingston at the company’s investor day and reported by the Globe and Mail newspaper. Kingston did say the closures will not be rushed.

Alphabet (GOOGL) – Alphabet’s Google services experienced a brief shutdown Thursday evening, with users reporting issues with services like Gmail, YouTube, Google drive and the flagship search engine. Google is investigating the cause of the disruption, but a person with knowledge of the situation told The New York Times the company has ruled out a cyberattack.

Vail Resorts (MTN) – Vail Resorts lost $3.82 per share for its latest quarter, wider than the loss of $3.43 that analysts were anticipating, while the resort operator’s revenue was below forecasts as well. Vail did say that it expects the number of season passes for this year to be roughly the same as a year ago.

Bristol-Myers (BMY) – The drugmaker announced positive interim results from a late-stage trial of its immunotherapy treatment Opdivo for bladder cancer patients.

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