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Jun 29, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Gilead Sciences, Starbucks, BP, Coty & more

Peter Schacknow



Take a look at some of the biggest movers in the premarket:
Gilead Sciences (GILD) – Gilead set pricing for its remdesivir anti-viral Covid-19 treatment, with developed-world governments paying $390 per dose and privately insured patients being charged $520 per dose.
Intercept Pharmaceuticals (ICPT) – The Food and Drug Administration did not approve the company's treatment for obesity-linked liver disease. Intercept said it would meet with the FDA to discuss possible paths to approval.
Starbucks (SBUX), Coca-Cola (KO) – Starbucks and Coca-Cola both announced pauses in social media ads, in the latest actions against hate speech on platforms like Facebook (FB) and Twitter (TWTR). Similar actions were announced by spirits producer Diageo (DEO) and chocolate maker Hershey (HSY).
BP (BP) – BP announced the sale of its petrochemicals business to privately held U.K. chemicals company Ineos for $5 billion. BP said the move means it has met its $15 billion divestments target a year ahead of schedule.
Novartis (NVS) – Novartis pulled its application for European approval of its dry-eye drug Xiidra after regulators said its effectiveness had not been demonstrated. The drug is already approved in the U.S.
Amazon.com (AMZN) – Amazon and Japan's SoftBank have both approached Russian conglomerate Sistema about a possible buyout of the conglomerate's online retail unit Ozon, according to Sistema's majority owner.
Delta Air Lines (DAL) – Delta will send out warnings of possible furloughs to about 2,500 pilots, due to the severe drop in travel demand. Delta is also offering some pilots voluntary early retirement.
Boeing (BA) – Recertification flights for Boeing's grounded 737 Max jet will begin today, a significant step as Boeing seeks to return the Max to service.
Coty (COTY) – The cosmetics company will pay $200 million for a 20% stake in Kim Kardashian West's makeup brand. Coty had said earlier this month that it was talking to Kardashian West about a possible collaboration. It's the second deal Coty has struck with the Kardashian/Jenner family this year, having already taken a 51% stake in Kylie Jenner's brands.
BioNTech (BNTX) – Singapore's Temasek and other investors are injecting $250 million into the German biotech firm, through the purchase of stock and convertible securities. BioNTech has a Covid-19 vaccine candidate in development and has said it expects the first clinical data on the vaccine this month or in July.
Under Armour (UAA) – Under Armour said it would end the 15-year, $280 million apparel partnership with the University of California, Los Angeles, that it signed with the university in 2016, saying it had not received the expected marketing benefits for an extended period of time. UCLA said it would fight the move to end the partnership.
Chesapeake Energy (CHK) – Chesapeake Energy filed for Chapter 11 bankruptcy protection, with the natural gas producer saddled by $10 billion in debt.
Beyond Meat (BYND) – The plant-based burger maker was downgraded to "underweight" from "overweight" at Barclays, which points to several factors including the impact of lockdowns on foodservice channels.
General Motors (GM) – The automaker is pushing back on a judge's order to resolve a legal dispute with rival Fiat Chrysler (FCAU) by having the CEOs of the two companies meet. GM is seeking to have that order tossed out, and continue to pursue its racketeering charge against its rival. GM had accused Fiat Chrysler of bribing union officials to gain a labor cost advantage.
Restaurant Brands (QSR) – The restaurant operator said demand is picking up as economies reopen in its major markets. Restaurant Brands said Burger King comparable sales are now trending about flat, compared to declines in the 30 percent range in mid-March. Comparable sales at its Tim Hortons brand are in the negative high teens now, compared to the negative mid-40s in March.

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