New York Stock Exchange premarket
Biogen (NASDAQ: BIIB) shares were down 0.3% following a failed study of a drug for a rare eye disease.
Exxon (NYSE: XOM) shares rose 0.9% after Bank of America (NYSE:BAC) said the oil company's recent board reshuffle, along with drastic cost-cutting and higher oil prices, means the company's dividend is likely to rise before year-end. The bank predicts Exxon shares will rise 45%.
Shares of Lordstown Motors (NASDAQ: RIDE) lost 0.7% after R.F. Lafferty downgraded its recommendation on the troubled electric car maker's stock from "hold" to "sell" with a $3 target, suggesting a decline of nearly 68% from its last price of $9.26 at the close. Fastenal (NASDAQ: FAST) shares fell 2.7% after Morgan Stanley (NYSE:MS) downgraded the company from 'mid-market' to 'below market', saying the stock has limited upside and is at risk of an executive action as the company goes through an internal restructuring.
Amazon (NASDAQ:AMZN) shares added 0.1% after JPMorgan named the online retailer as one of its favourites, saying the dramatic growth in e-commerce over the past 18 months means Amazon will overtake Walmart (NYSE:WMT) for the title of the country's top retailer next year.
Shares in Vroom (NASDAQ:VRM) fell 5.5% after it was reported that the used-car e-commerce platform operator intends to offer $500 million in convertible preferred bonds maturing in 2026, planning to use the proceeds for various corporate purposes as well as investments or new technology acquisitions.
Shares of Sage Therapeutics (NASDAQ: SAGE) plunged 13% after the biotech company released disappointing results from a Phase 3 trial of its depression drug Zuranolone.
Shares of Ping Identity (NYSE: PING) fell 4.2% after the identity management solutions company announced it was offering 6 million common shares.