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Jul 15, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Moderna, UnitedHealth, Goldman Sachs & more

Peter Schacknow



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

Moderna (MRNA) – The drugmaker’s Covid-19 vaccine candidate produced neutralizing antibodies in all 45 patients involved in an early study, according to newly released data. Those antibodies were similar to those seen in patients who have recovered from Covid-19.
UnitedHealth (UNH) – The health insurer reported quarterly earnings of $7.12 per share, well above the consensus estimate of $5.28. Revenue came in below Wall Street forecasts. Profit was helped by pandemic-related deferrals of medical care, and the company is maintaining its prior full-year earnings forecast.
Goldman Sachs (GS) – Goldman earned $6.26 per share for its latest quarter, beating the consensus estimate of $3.78. Revenue was also well above forecasts, helped by strong performance in its investment banking and markets businesses.
Alphabet (GOOGL) – Alphabet’s Google unit will pay $4.5 billion for a 7.7% stake in the digital arm of India’s Reliance Industries. The unit’s largest operation is Jio Infocomm, India’s largest mobile carrier. It had been reported Tuesday that Google was close to striking the deal.
Apple (AAPL) – A European Union court sided with Apple, ruling that it did not have to pay $14.8 billion taxes to Ireland. EU antitrust officials had maintained that tax breaks received by Apple had constituted an illegal subsidy.
Best Buy (BBY) – The nation’s largest electronics retailer will require all customers to wear masks in its stores, becoming the latest retailer to do so. Other large chains, including Starbucks (SBUX) and Costco (COST), have instituted similar rules.
Facebook (FB), Sony (SNE) – The two companies are planning to increase output of upcoming gaming devices by as much as 50%, according to a report in the Nikkei Asian Review. Sony raised production orders for its PlayStation 5 to about 9 million units from 6 million, while Facebook is increasing orders for its Oculus virtual reality headsets by about 50% to a total of about 2 million.
Eldorado Resorts (ERI) – New Jersey regulators meet today to decide on the fate of Eldorado’s planned merger with Caesar’s Entertainment (CZR). New Jersey is the last state approval that the two casino operators will need to complete the deal, with Indiana and Nevada already giving their approval.
Sirius XM (SIRI) – The satellite radio and streaming service operator added $2 billion to its stock buyback program.
Uber Technologies (UBER), Lyft (LYFT) – Massachusetts filed suit against the ride-hailing companies, saying they incorrectly classified drivers as independent contractors rather than employees, depriving them of benefits. Uber and Lyft face a similar legal action in California.
PVH Corp. (PVH) – The apparel maker is shutting down 162 retail stores and cutting 450 jobs in North America, due to the impact of Covid-19 on apparel sales. The company behind brands like Tommy Hilfiger, Calvin Klein, and IZOD said the move affects 12% of its workforce and will save about $80 million annually.

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