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Stocks making the biggest moves in the premarket: Ford, Thor Industries, Applied Materials and more

Stocks making the biggest moves in the premarket: Ford, Thor Industries, Applied Materials and more

28 Sep 2021

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

Ford (F) – Ford is accelerating its push into electric vehicles, with plans for a new U.S. assembly plant and three battery factories. Ford and South Korean partner SK Innovation will invest more than $11 billion in the project. Ford shares rose 3.3% in premarket trading.

Thor Industries (THO) – The recreational vehicle maker reported quarterly earnings of $4.12 per share, beating the consensus estimate of $2.92 a share. Revenue also topped Wall Street forecasts. Thor said demand for RVs remains strong, with backlogs at a record high. Its shares rose 3.6% in the premarket.

Applied Materials (AMAT) – Applied Materials shares slid 3.6% in the premarket after New Street downgraded the stock to “neutral” from “buy,” noting record valuation and limited upside for the maker of semiconductor manufacturing equipment.

FactSet (FDS) – The financial information provider earned $2.88 per share for its latest quarter, 16 cents a share above estimates. Revenue also came in above projections, helped by an increase in sales of analytics, content and technology solutions.

United Natural Foods (UNFI) – The food distributor beat the 80 cents a share consensus estimate, with quarterly profit of $1.18 per share. Revenue came in below consensus estimates. United Natural said sales in the year-ago quarter saw strong pandemic-driven customer demand. Shares fell 2.7% in the premarket.

Aurora Cannabis (ACB) – The Canada-based cannabis producer reported lower-than-expected quarterly revenue as consumer cannabis sales fell 45% from a year earlier. The company cited Covid-19 restrictions as a key reason for the drop. Aurora Cannabis slid 2.2% in premarket action.

Pfizer (PFE) – Pfizer dosed its first patient in a study of an MRNA-based flu vaccine, the same technology used in the successful Covid-19 vaccine it developed with German partner BioNTech (BNTX). Pfizer also submitted study data to the Food and Drug Administration on the use of its Covid vaccine in children aged 5-11, with a formal emergency use authorization submission expected in the coming weeks.

Sanofi (SNY) – Sanofi announced positive results from a study of its own MRNA-based Covid vaccine, but then said it was halting any further development due to the domination of the market by the Pfizer and Moderna (MRNA) vaccines. The French drugmaker said it would use MRNA technology to develop other vaccines, while focusing on the development of a protein-based Covid vaccine with British partner GlaxoSmithKline (GSK).

Endeavor Group (EDR) – Endeavor is buying sports betting business OpenBet from Scientific Games (SGMS) for $1.2 billion in cash and stock. The Ultimate Fighting Championship owner plans to combine OpenBet with its existing sports betting business. Endeavor shares soared 10.1% in the premarket.

Huntsman (HUN) – Huntsman rallied 4.2% in the premarket after activist hedge fund Starboard Value took an 8.4% stake in the chemical maker, calling the shares undervalued. Huntsman said it was looking forward to a constructive dialog with Starboard.

Merck (MRK) – Merck is near a deal to buy drugmaker Acceleron Pharma (XLRN), according to people familiar with the matter who spoke to The Wall Street Journal. Bloomberg had earlier reported that Acceleron was in talks to be bought by an unnamed major pharmaceutical company. Acceleron rose 2.6% in premarket trading.

Spotify Technology (SPOT) – Spotify kicked off a global campaign designed to boost its advertising sales. The music streaming service’s new campaign is aimed at small- and medium-sized businesses beyond what’s been its traditional focus. Spotify fell 1.9% in the premarket.