Stocks – Apple Falls in Premarket; Drug Reports Lift Gilead, AbbVie

By Geoffrey Smith

Investing.com — Stocks in focus in premarket trade on Monday, 3rd February. Please refresh for updates

8:53 AM ET: Luckin Coffee (NASDAQ:) stock rose 2.0% in a modest bounce from a 10.7% on Friday, when short-seller Muddy Waters Research disclosed a short position in the company. The company said at the weekend it “stands by its business model” after Muddy Waters alleged fraudulent accounting. The stock is still down by around one-third in the last two weeks, reflecting expectations of a severe hit to sales from the coronavirus outbreak.

8:49 AM ET: Monster Beverage (NASDAQ:) stock rose 2.1% after being upgraded to Overweight by analysts at Morgan Stanley (NYSE:).

8:21 AM ET: Northrop Grumman (NYSE:) stock fell 1.6% after receiving a double-downgrade to Sell from Buy from analysts at Goldman Sachs (NYSE:).

8:24 AM ET: Ryanair ADRs (NASDAQ:) were in focus after the company’s common stock rose 5.4% in London on the back of a better-than-expected end to 2019. Europe’s largest discount airline returned to profit, but pushed back its medium-term traffic target due to the delayed receipt of Boeing (NYSE:) 737 MAXes.

• 8:14 AM ET: Check Point Software (NASDAQ:) stock was down 1.7% despite reporting what appeared to be marginally better than expected numbers for the fourth quarter. The cyber security firm initially gave no guidance for the current year but will hold a conference call at 8:30 AM ET.
• • 8:10 AM ET: Apple (NASDAQ:) stock fell 0.7% to a three-week low after the company said it would shut its stores, corporate offices and call centers in China until at least Feb. 9, out of what it called “an abundance of caution” over the coronavirus outbreak. The company makes some 20% of its iPhone sales in China. In addition to the sales issue, the company also faces possible supply-chain issues as the Chinese government has ordered factories around the country to stay shut until Feb. 10.
  • Boeing (NYSE:) stock was up 0.1% despite suggestions of further complications to the process of getting the 737 MAX airborne again. The New York Times reported that European regulators want the company to relocate certain stretches of wiring to reduce the risk of short-circuiting. The Wall Street Journal said that the Federal Aviation Agency, which disagrees with its European counterpart, may push back a key certification flight as a result.
  • AbbVie (NYSE:) stock was up 1.2% after reports that its antiviral products were part of a cocktail of drugs successfully used to treat a patient suffering from the novel coronavirus in Thailand.
  • Gilead Sciences (NASDAQ:) stock was up 5.3% after saying late on Friday that a U.S. coronavirus patient had responded positively to treatment with the company’s anti-HIV drug remdesivir, which hasn’t yet received regulatory approval in the U.S. or anywhere else.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.