Tag Archives: Merck & Co Inc

Stocks making the biggest moves midday: Merck, Moderna and more

Check out the companies making headlines in midday trading.

Merck — Shares surged more than 9% after it announced its new antiviral pill cut the risk of death or hospitalization by 50% for Covid patients. The pharmaceutical company plans to file for emergency use authorization.

Moderna, Regeneron — Companies with other Covid-19 drugs fell after Merck’s oral pill showed positive data in a clinical trial. Moderna’s stock fell nearly 13%, while shares of Regeneron dropped more than 5%.

United Airlines, Delta Air Lines, American Airlines, Southwest Airlines — Airline stocks rallied as Merck’s oral Covid drug showed promising results. United Airlines rose nearly 6%, Delta Air Lines gained more than 5% and American Airlines rallied roughly 4%. Southwest Airlines jumped more than 4% as well following an upgrade on the stock by JPMorgan.

Penn National Gaming, Hilton Worldwide, Norwegian Cruise Line — Travel and entertainment stocks jumped following the positive results from Merck’s Covid pill. Penn National Gaming rallied more than 6%, Live Nation Entertainment added about 5%, Hilton Worldwide gained more than 4% and Norwegian Cruise Line rose nearly 4.8%.

Lordstown Motors — Lordstown Motors saw its stock sink more than 15% after it announced an agreement to sell its Ohio assembly plant to iPhone maker Foxconn for $230 million. Shares of Lordstown Motors had rallied by as much as 21% by Thursday as reports indicated the deal was in the works.

Zoom Video Communications — Zoom and Five9 terminated what would have been a $14.7 billion deal. Five9 shareholders rejected the proposed acquisition by Zoom. Zoom shares gained 2.2% and Five9 shares rose 3.2%.

Walt Disney — Shares of the media giant popped 3% on news that Disney and Scarlett Johansson settled a lawsuit involving the “Black Widow” movie. Johansson had sued Disney over the release of the movie on the Disney+ streaming service at the same time it was debuting in theaters.

Exxon Mobil – The oil giant advanced more than 2% after the company updated Wall Street on its expected third-quarter results. In a filing with the Securities and Exchange Commission, Exxon said that higher oil and gas prices could lift earnings by as much as $1.5 billion. Analysts at Bank of America said the company is on track for its highest earnings per share since the third quarter of 2014.

International Flavors & Fragrances – Shares of International Flavors popped more than 6% after the company announced its chief executive Andreas Fibig plans to retire. The company said Fibig will remain at the helm of the company until a successor is found.

— CNBC’s Jesse Pound and Maggie Fitzgerald contributed reporting

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Merck, Lordstown Motors, Coty, Zoom and others

Check out the companies making headlines before the bell:

Merck (MRK) – Merck shares surged 7.5% in the premarket after it announced that its experimental Covid-19 pill cut the risk of death and hospitalization by 50% in a late-stage study. Merck plans to file for emergency use authorization as soon as possible.

Lordstown Motors (RIDE) – Lordstown struck a deal to sell its Ohio plant to Taiwan’s Foxconn for $230 million, with Foxconn taking over the manufacturing of Lordstown’s full-sized electric pickup truck. It was reported earlier this week that a deal between the two sides was near. Lordstown rallied 6.3% in premarket trading.

Coty (COTY) – The cosmetics company’s stock gained 2% in the premarket as it announced a deal to sell another 9% stake in its Wella beauty business to private equity firm KKR (KKR). In return, KKR will redeem about half its remaining convertible preferred shares in Wella, reducing Coty’s stake to about 30.6%. Coty had sold a 60% stake in Wella to KKR last December.

Zoom Video Communications (ZM) – Zoom and Five9 (FIVN) have terminated a nearly $15 billion deal by mutual consent. Zoom had struck a deal to buy the contact center operator, but it was rejected by Five9 shareholders. The two sides will continue a partnership that had been in place prior to the proposed transaction. Zoom jumped 4% in the premarket while Five9 slid 1.4%.

Walt Disney (DIS) – Disney and Scarlett Johansson have settled a lawsuit involving the “Black Widow” movie. Johansson had sued Disney over the release of the movie on the Disney+ streaming service at the same time it was debuting in theaters. Terms of the settlement weren’t disclosed.

Wells Fargo (WFC) – Wells Fargo will have to face a shareholder fraud lawsuit involving its attempt to rebound from years of scandals. A judge rejected the bank’s moved to have the suit dismissed, saying it was plausible that statements by various Wells Fargo officials about the recovery were false or misleading.

Exxon Mobil (XOM) – Exxon Mobil said in an SEC filing that higher oil and gas prices could boost third-quarter earnings by as much as $1.5 billion. Exxon profits have been improving amid the rising prices as well as cost cuts by the energy giant.

Nio (NIO) – Nio reported deliveries of 10,628 vehicles in September, a 126% increase over a year ago for the China-based electric vehicle maker. Nio added 1.8% in the premarket.

International Flavors (IFF) – The maker of food flavoring and cosmetic ingredients said Chairman and Chief Executive Officer Andreas Fibig plans to retire, although he’ll remain at the helm of the company until a successor is found. Shares added 2.5% in premarket action.

Jefferies Financial Group (JEF) – Jefferies reported a quarterly profit of $1.50 per share, beating the 99-cent consensus estimate, with the financial services company’s revenue also topping Wall Street forecasts. Jefferies saw its results boosted by a strong performance in its investment banking business. Jefferies gained 1.4% in the premarket.

MGM Resorts (MGM) – Susquehanna Financial downgraded MGM to “negative” from “neutral,” saying the DraftKings (DKNG) bid for British gambling company Entain weakens MGM’s prospects in the digital gaming and betting market.

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Carnival, Nike, Match and more

The Carnival Cruise Ship ‘Carnival Vista’ heads out to sea in the Miami harbor entrance known as Government Cut in Miami, Florida June 2, 2018.

RHONA WISE | AFP | Getty Images

Check out the companies making headlines in midday trading.

Carnival — Carnival shares rose 4% after the cruise line said voyages for the third quarter were cash flow positive and expects this to continue. Shares of Norwegian Cruise Line gained 3.2% and Royal Caribbean added 3%.

Match Group — Shares of Match Group rose 3.6% after the online dating platform announced on Thursday that it will sell shares of its common stock in a registered direct offering. The price per share and number of shares of common stock issued will be calculated by a volume-weighted average price during a five-day averaging period starting Friday, the company said.

Merck — Shares of the pharmaceutical giant rose 1.2% on Friday after Merck and AstraZeneca announced that treatment using the drug Lynparza showed positive results in a phase-three trial. The trial results suggest that the treatment slows the progression of prostate cancer and show a trend toward increased survival, the companies said.

Nike — The apparel stock fell more than 6% after Nike cut its full-year guidance for sales growth. The company said supply chain issues in Vietnam were slowing sales. Nike now projects mid-single-digit revenue growth for its 2022 fiscal year, down from prior guidance of low-double-digit growth.

Costco — Shares of the retailer jumped more than 2% following Costco’s fourth-quarter results. The company beat top- and bottom-line estimates during the quarter, earning $3.90 per share excluding items on $62.68 billion in revenue. Analysts surveyed by Refinitiv were expecting $3.57 per share on $61.3 billion in revenue.

Salesforce — Salesforce extended its Thursday gains, rising 2.2% after Piper Sandler upgraded the stock to overweight from neutral, saying it’s confident the company could see “a multi-year period of multiple and profit expansion.” The stock jumped on Thursday after the software company raised its full-year 2022 revenue guidance.

Coinbase — Shares of the cryptocurrency exchange slid about 1.6% even after Needham reiterated the stock as a buy. Cryptocurrencies plunged Friday morning on news that China is issuing yet another crypto crackdown. Coinbase derives 90% of its revenue from retail transactions, which is highly correlated with crypto asset prices, according to Needham, so its stock price tends to move in tandem with cryptocurrencies.

Cheesecake Factory, Dave & Buster’s — Cheesecake Factory and Dave & Buster’s added 4.4% and 5.2%, respectively, after Jefferies upgraded the restaurant stocks to buy from hold. “We are incrementally more positive on the full service category following delta/inflation sell-off and exuberant Consensus forecasts reigned in,” Jefferies said.

Roku — Roku shares fell 3.8% after Wells Fargo downgraded the video streaming platform to equal weight from overweight. Wells Fargo said rising competition makes expectations for Roku’s revenue growth likely too high.

— CNBC’s Jesse Pound, Pippa Stevens and Tanaya Macheel contributed reporting

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Netflix, Boeing, State Street and more

Mario Tama | Getty Images News | Getty Images

Check out the companies making headlines in midday trading.

Spotify — The streaming company saw shares rise 2.8% after KeyBanc upgraded Spotify to overweight from sector weight. The firm said in a note to clients that the company was still showing faster growth than potential competitors.

Terminix — Terminix added 1% after Bank of America double upgraded the stock to buy from underperform. Bank of America said the pest control stock’s weakness this year creates a “solid buying opportunity,” while it sees a “positive risk-reward” today.

Boeing — Shares of the aircraft maker slipped 2%, dragging on the Dow, after Ryanair ended talks over a purchase of 737 MAX 10 jets. The deal would have been worth tens of billions of dollars, Reuters reported.

Match Group — The online dating company’s stock jumped 6.6% after announcement that Match will be added to the S&P 500 benchmark. As of Sept. 20, Match Group will replace Perrigo Company in the large-cap equity index.

Netflix — Shares of the streaming service gained about 3.3% after Atlantic Equities hiked its price target on it to $780 from $690, the highest among major Wall Street analysts and 32% above where the stock closed on Friday. Atlantic raised its subscriber projections for 2024 and said it expects Netflix to have 311 million subscribers in 2025, compared with 209 million at the end of the second quarter.

Coinbase — The crypto services company’s stock dropped 3.9% as the price of bitcoin plummeted about 10% on the day it became legal tender in El Salvador – though the rollout didn’t go smoothly, with the country disconnecting its government-run bitcoin wallet early in the morning for software enhancements. The same day, $800 million worth of derivatives that were long on bitcoin were liquidated, according to Glassnode. Coinbase stock trades in tandem with the bitcoin price.

State Street — The financial firm saw shares fall roughly 4% after announcing its plans to acquire Brown Brothers Harriman & Co. for $3.5 billion in cash, including its including its custody, accounting, fund administration, global markets and technology services. The deal is expected to close at the end of the year.

PPG Industries — Shares of the paint maker dropped 3% after the company warned of supply chain disruptions and higher input costs that could weigh on sales this quarter. The company said it expects third-quarter sales to be $275 million, lower than the company’s forecast at the start of the quarter by about $225 million.

Johnson & Johnson, Merck, Amgen — Large-cap pharmaceutical stocks fell after Morgan Stanley downgraded them, saying they have limited upside. The firm changed its ratings on Johnson & Johnson, Merck and Amgen to equal weight from overweight. The stocks fell about 1.7%, 2% and 2.4%, respectively.

 — CNBC’s Maggie Fitzgerald, Hannah Miao, Jesse Pound and Yun Li contributed reporting

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Home Depot, Walmart, Roblox and more

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

Home Depot (HD) – Shares of the home improvement retailer fell 3.2% in the premarket following its second-quarter results. Home Depot earned $4.53 per share, 9 cents a share above estimates. Revenue also topped forecasts. Comparable-store sales fell short of forecasts, however, rising 4.5% compared to a StreetAccount consensus estimate of 5%.

Walmart (WMT) – The retail giant earned $1.78 per share for the second quarter, 21 cents a share above estimates. Revenue came in above consensus as well. Comparable-store sales grew by a better-than-expected 5.2%. Walmart also raised its full-year forecast, but shares slid 1.5% in the premarket.

Roblox (RBLX) – The video game platform operator lost 25 cents per share for its latest quarter, one cent a share wider than expected. Revenue also fell short of analysts’ forecasts. Roblox had been a beneficiary of pandemic restrictions that kept people at home, but that positive influence waned as vaccinations increased and people spent more time out of the home. Shares tumbled 5.6% in the premarket.

Spirit Airlines (SAVE) – Spirit lost 4.4% in premarket action after the airline said its recent operational problems cost it about $50 million. Spirit canceled more than 2,800 flights between July 30 and August 9, amid problems related to weather, staffing and technical issues.

Didi Global (DIDI) – A number of major hedge funds and investors bought shares in the Chinese ride-hailing giant according to quarterly Securities and Exchange Commission filings, including George Soros, Tiger Global and Singapore state investment fund Temasek. Didi went public in June, but shares plunged after China announced a probe of the company. Didi fell 2% in the premarket.

Tencent Music Entertainment (TME) – The music streaming service’s shares slid 3.8% in the premarket after its quarterly revenue fell short of analysts’ forecasts despite an increase in advertisements and paid subscribers.

Organon (OGN) – The Merck (MRK) spin-off rose 1.6% in premarket trading, as Warren Buffett’s Berkshire Hathaway (BRK.B) reported a small stake in the core therapeutics specialist.

T-Mobile (TMUS) – The wireless carrier confirmed earlier reports that it had been the victim of a data breach, but said it could not yet determine the extent of the breach and what customer data may have been stolen.

Chipotle Mexican Grill (CMG) – Cowen added the restaurant chain’s stock to its “conviction” list, saying it was pleased with Chipotle’s second-quarter results and that the company has sales drivers in place that will sustain improvement.

Endeavor (EDR) – The entertainment company reported quarterly profit of 19 cents per share, compared to analysts’ expectations of a 2 cents per share loss. Revenue came in very slightly short of estimates. Endeavor also raised its full-year revenue outlook on increasing demand for live events among other factors, and shares added 1.8% in the premarket.

Stanley Black & Decker (SWK) – The tool maker struck a deal to buy the 80% of MTD Holdings that it did not already own for $1.6 billion in cash. Stanley Black & Decker had bought a 20% stake in the privately-held outdoor power equipment maker in 2019.

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Comcast, Merck, Tempur Sealy, Yum and others

Check out the companies making headlines before the bell:

Comcast (CMCSA) – Comcast rose 1.9% in the premarket after reporting adjusted quarterly earnings of 84 cents per share, beating the consensus estimate of 67 cents. The NBCUniversal parent also reported better-than-expected revenue, helped by a rebound in ad sales and a reopening of theme parks.

Merck (MRK) – The drug maker matched estimates with adjusted quarterly profit of $1.31 per share, with revenue beating Street forecasts. Sales of cancer drug Keytruda jumped 23%, in line with expectations. Merck fell 1.8% in premarket trading.

Tempur Sealy (TPX) – The mattress maker earned an adjusted 79 cents per share for its latest quarter, 22 cents above estimates, with revenue topping forecasts as well. Tempur Sealy also raised its full-year outlook, and the stock jumped 4.9% in premarket action.

Yum Brands (YUM) – The parent of KFC, Taco Bell and Pizza Hut came in 20 cents ahead of estimates with adjusted quarterly earnings of 1.16 per share, and revenue also beating analyst projections. Results got a boost from restaurant reopenings as well as continued strong demand in online orders. Yum rallied 2.3% in premarket trading.

Molson Coors (TAP) – Molson Coors added 1.8% in the premarket after its adjusted quarterly earnings of $1.58 per share beat the consensus estimate of $1.34. The beer brewer’s revenue was above Wall Street forecasts as well.

Northrup Grumman (NOC) – The defense contractor reported adjusted quarterly earnings of $6.42 per share, beating the $5.84 consensus estimate, with revenue also topping estimates. The company was helped by continued strength in its satellite and missile-making units, and the stock rose 1.1% in premarket trading.

Facebook (FB) – Facebook shares fell 3.7% in premarket trading after the company said revenue growth will slow during the second half of the year as a change in Apple’s (AAPL) privacy policies will hurt Facebook’s ability to target ads. For the second quarter, Facebook reported earnings of $3.61 per share compared to a consensus estimate of $3.03, with revenue also topping Wall Street forecasts.

Ford (F) – Ford surprised analysts with an adjusted quarterly profit of 13 cents per share. The automaker had been expected to report a second-quarter loss of 3 cents per share, due in large part to a chip shortage crimping production. However, Ford said it expected that situation to improve in the second half, and it raised its full-year outlook. Ford jumped 4% in the premarket.

PayPal (PYPL) – PayPal beat estimates by 3 cents with adjusted quarterly earnings of $1.15 per share, with the payment service’s revenue essentially in line with analyst projections. However, shares came under pressure after it gave a lower-than-expected outlook, as former PayPal parent eBay (EBAY) continues its transition to its own payment platform. The stock slid 5.6% in premarket trading.

Qualcomm (QCOM) – Qualcomm reported adjusted quarterly earnings of $1.92 per share, beating the $1.68 consensus estimate, with the chip maker’s revenue also exceeding Street forecasts. Qualcomm also gave an upbeat forecast as it expects supply chain disruptions to ease. Qualcomm added 3.2% in the premarket.

Uber Technologies (UBER) – Uber dropped 5.1% in premarket trading after sources told CNBC that Japanese investment giant Softbank is selling a chunk of its stake in Uber to cover losses related to its investment in another ride-hailing company, Didi Global (DIDI). Didi itself is in the news, denying an earlier Wall Street Journal report that it was considering going private. Didi had been up well over 30% in the premarket before that denial, before trimming that still-large gain to 17.5%.

iRobot (IRBT) – iRobot shares plunged 11.5% in premarket trading after it reported a second-quarter loss and cut its full-year outlook. The maker of the Roomba robotic vacuum cleaner said the worldwide chip shortage would continue to hurt its ability to fulfill orders during the second half of the year.

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Major U.S. companies take aim at Georgia’s new voting restrictions

Republican Governor Brian Kemp signs the law S.B. 202, a restrictive voting law that activists have said aimed to curtail the influence of Black voters who were instrumental in state elections that helped Democrats win the White House and narrow control of the U.S. Senate, in this handout photo posted to Kemp’s Twitter feed on March 25, 2021.

Governor Brian Kemp’s Twitter feed | Handout via Reuters

Business executives across the United States are calling out efforts to restrict voting access, after Georgia Gov. Brian Kemp signed a bill into law that opponents say would disproportionately disenfranchise voters of color.

Among the overhaul of state elections, the bill includes a restriction of drop boxes, makes it a crime to provide food or water to voters lined up outside polling stations, requires mandatory proof of identity for absentee voting and creates greater legislative control over how elections are run.

The bill is one of many Republican-backed election efforts introduced across the U.S. after former President Donald Trump, and other GOP members, falsely claimed that last year’s election defeat was due to fraud. For Georgia, it comes after historic turnout in the state’s election, particularly among Black voters and voters of color, in November general and January runoff elections.

Now, civil rights groups, corporate leaders and Democratic officials are denouncing the law.

CNBC compiled a list of corporate responses to the bill:

  • Global asset manager BlackRock issued a statement Wednesday on LinkedIn.
    “Equal access to voting is the very foundation of American democracy. While BlackRock appreciates the importance of maintaining election integrity and transparency, these should not be used to restrict equal access to the polls. BlackRock is concerned about efforts that could limit access to the ballot for anyone. Voting should be easy and accessible for ALL eligible voters. Voting is not just a right, but a vital component of civil activity. We should encourage all eligible voters to play this essential role in our democracy,” CEO Larry Fink wrote.
  • Coca-Cola executive Alfredo Rivera said in a statement the company, which is headquartered in Georgia, is disappointed by the law. “As soon as Georgia’s legislature convened this year, our company joined with other Georgia businesses to share our core principles: We opposed measures that would seek to diminish or restrict voter access and we advocated for broad access, voter convenience, election integrity and political neutrality. Anything that inhibits these principles can lead to voter suppression. We took these steps because they align to our Purpose and the conscience we follow,” he said.
  • Georgia-based Delta airlines said in a memo to employees that the “final bill is unacceptable and does not match Delta’s values.” “After having time to now fully understand all that is in the bill, coupled with discussions with leaders and employees in the Black community, it’s evident that the bill includes provisions that will make it harder for many underrepresented voters, particularly Black voters, to exercise their constitutional right to elect their representatives. That is wrong,” CEO Ed Bastian said.
  • Pharmaceutical giant Merck said Wednesday that the company stands “strong on our core values including our commitment to social justice and the right of people to fully and freely participate in electoral processes.” “There is no more fundamental right than the right to vote. Democracy rests on ensuring that every eligible voter has an equal and fair opportunity to cast a ballot, free from restrictions that have a discriminatory impact. We all have an obligation to stand up against racism and other forms of discrimination whenever we see them,” the company added.
  • Porsche’s North American operations, headquartered in Georgia, issued a statement that “equal access to the polls for every voter is core to a democracy.” “As an Atlanta-based business, Porsche Cars North America (PCNA) supported the work of the Metro Atlanta Chamber with members of the Georgia General Assembly to maximize voter participation and ensure election integrity. We understand the legislative outcome remains subject to debate and hope a resolution can be found between all sides that encourages and enables every eligible vote,” the company said.
  • Georgia-based UPS said this week the company supports the ability and facilitation of all eligible voters to exercise their right to vote. “Like other businesses in the community, we actively engaged with political leaders in both parties and other stakeholders to advocate for more equitable access to the polls and for integrity in the election process across the state. We echo the statement by the Metro Atlanta Chamber and stand ready to continue to help in ensuring every Georgia voter has the ability to vote,” the company said.
  • Mercedes-Benz said that it “stands against efforts which discourage eligible voters to participate in this vital process.”
  • In a blog post, Microsoft President Brad Smith noted the company expressed concern about the law prior to its passage and laid out its opposition in further detail, such as narrowing the window of time voters can request an absentee ballot. “We recognize that some recent criticisms of Georgia’s legislation have proven inaccurate. But already, it’s clear to us that the new law contains important provisions that needlessly and unfairly make it more difficult for people to vote,” Smith wrote. “This new law falls short of the mark, and we should work together to press the Georgia legislature to change it,” he added.
  • Cisco CEO Chuck Robbins shared his concern for the new law in a tweet. “Our vote is our voice, and everyone deserves the opportunity to be heard. Governments should be working to make it easier to vote, not harder. Ensuring equal #VotingRights isn’t a political issue, it’s an issue of right and wrong,” he said.
  • Home Depot, which is headquartered in Georgia, said that it will work to ensure its workers across the country have the resources and information to vote. “We believe that all elections should be accessible, fair and secure and support broad voter participation.”

In a statement Wednesday to CNBC, Georgia Gov. Brian Kemp defended the law and specifically took aim at Delta’s chief executive. 

“Today’s statement by Delta CEO Ed Bastian stands in stark contrast to our conversations with the company, ignores the content of the new law and unfortunately continues to spread the same false attacks being repeated by partisan activists,” Kemp, a Republican, said. 

“Mr. Bastian should compare voting laws in Georgia — which include no-excuse absentee balloting, online voter registration, 17 days of early voting with an additional two optional Sundays, and automatic voter registration when obtaining a driver’s license — with other states Delta Airlines operates in,” he added.

CNBC’s Frank Holland, Mike Wayland, Phil LeBeau, Sara Eisen, Amelia Lucas, Kevin Stankiewicz and Leslie Picker contributed to this report.



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Peloton, Palantir, Tellurian and more stocks

Foley Trasimene Acquisition Corp.: “There are so many of these things that it’s very difficult to keep track of, and I don’t want you in them. We’re done with that era. I think we’ve got to let these stocks come down … It’s too darn hard for investors.”

Peloton: “It’s had a big run and I’m moving on.”

Tellurian: “It’s a terrific $2 spec. I call it a call option. It’s almost a lottery ticket, but I don’t like betting against [co-founder] Charif Souki.”

Palantir: “I don’t think this is the time to double down … You don’t double down until something has come down significantly enough to change your [cost] basis.”

G1 Therapeutics: “These are stocks that I never say no to anyone, provided they recognize that it’s the speculative stock in their portfolio. It is not like owning a Merck.”

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PepsiCo, Generac, Tempur Sealy, others

Check out the companies making headlines before the bell:

PepsiCo (PEP) – The beverage and snack giant beat estimates by a penny with adjusted quarterly earnings of $1.47 per share, and revenue was above estimates as well. The company said it expects to see organic revenue and adjusted profit growth this year, and also announced a 5% dividend increase.

Generac (GNRC) – Generac shares rose 3% in pre-market trading after the maker of backup generators beat estimates on the top and bottom lines for its latest quarter, and said it expected net sales growth of 25 to 30 percent this year.

Restaurant Brands (QSR) – The parent of Popeyes, Burger King and Tim Hortons missed estimates by 12 cents with adjusted quarterly earnings of 53 cents per share, while revenue was slightly above forecasts. Shares fell about 2% pre-market as comparable restaurant sales fell more than expected.

Tempur Sealy (TPX) – Shares of the mattress maker surged 12% pre-market after it beat forecasts by 15 cents with adjusted quarterly earnings of 67 cents per share. Revenue beat estimates as well, and Tempur Sealy said it expected 2021 sales growth of 15% to 20%.

LabCorp (LH) – The medical-laboratory operator reported adjusted quarterly earnings of $10.56 per share, well above the $8.11 consensus estimate, and revenue was above forecasts as well. Its results were boosted by Covid-19 testing, and shares were up 3.6% pre-market.

Molson Coors (TAP) – The beer brewer’s shares were down 4.5 % pre-market as it reported adjusted quarterly earnings of 40 cents per share, well below the 77-cent consensus estimate. Its results were hurt by ongoing Covid-19 restrictions for restaurants and bars.

Kraft Heinz (KHC) – Kraft Heinz shares rose 1.7% pre-market, as it beat estimates on the top and bottom lines for its latest quarter, and also announced the sale of its Planters snacks business to Hormel (HRL) for $3.35 billion in cash.

Uber Technologies (UBER) – Uber reported a quarterly loss of 54 cents per share, 2 cents less than anticipated, with revenue slightly below estimates. Uber’s results were helped by an expansion in its food delivery business as well as cost reductions. Uber shares were down 3.8% pre-market.

Bumble (BMBL) – Bumble makes its Wall Street debut today after pricing its initial public offering at $43 per share, above the already raised expected range of $37 to $39 per share. The dating service raised $2.2 billion in the IPO, giving it an overall value of more than $7 billion.

Sonos (SONO) – Sonos shares jumped 17% in pre-market trading, after the maker of high-end smart speakers beat estimates on both the top and bottom lines in its latest quarter. Sonos was helped by stronger margins as no promotions were held during the quarter. It also raised its full-year revenue guidance.

iRobot (IRBT) – iRobot earned an adjusted 84 cents per share for the fourth quarter, well above the consensus estimate of 84 cents, with revenue also comfortably topping Wall Street predictions. The maker of the Roomba robotic vacuum cleaner also gave strong full-year revenue and profit guidance. Shares rose 7.3% in pre-market trading.

Zillow Group (ZG) – Zillow beat estimates by 14 cents with adjusted quarterly earnings of 41 cents per share, with the operator of real estate websites also scoring a revenue beat. It also gave upbeat revenue guidance, and announced the acquisition of online home-viewing-scheduling platform ShowingTime.com for $500 million in cash. Zillow shares rose 12% in pre-market trading.

Zynga (ZNGA) – Zynga CEO Frank Gibeau told Barron’s that the mobile game developer is open to an acquisition offer, although it is not actively looking to sell the company. Zynga also reported a 61% jump in the key metric of net bookings during its latest quarter, more than analysts had anticipated.

XPO Logistics (XPO) – XPO earned an adjusted $1.19 per share for the fourth quarter, well above the 67-cent consensus estimate. The logistics company also saw revenue above forecasts and gave strong full-year earnings guidance. XPO is benefiting from a pandemic-induced acceleration in shipping activity due to an explosion in online shopping.

Merck (MRK) – Merck is in talks with both governments and other drugmakers to help produce already approved Covid-19 vaccines. The drugmaker did not specify which governments or other companies were involved in those talks.

Pinterest (PINS) – Pinterest was approached by Microsoft (MSFT) about a possible takeover in recent months, according to people brief on the matter who spoke to the Financial Times. However, the report added that negotiations about a buyout of the image-sharing company were not currently active.

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Merck ends its vaccine development; Google offers its offices for vaccination sites

CVS completes first round of vaccination at 8,000 U.S. nursing homes

A CVS pharmacy manager prepares a coronavirus disease (COVID-19) vaccine dose at the Soldiers’ Home in Holyoke, Massachusetts, December 29, 2020.

Hoang ‘Leon’ Nguyen | The Republican | Pool | via Reuters

CVS Health completed administering the first round of Covid-19 vaccination at roughly 8,000 U.S. nursing facilities, Reuters reports.

Administration of second doses was underway and expected to be completed within four weeks.

CVS Pharmacy has administered nearly 2 million doses to date but has a capacity for 20 million to 25 million shots a month, the company told Reuters, adding that its long-term care vaccination effort remains on track.

Terri Cullen

U.S. doesn’t know how much Covid vaccine it has, says CDC chief

The head of the Centers for Disease Control and Prevention warned on Sunday that the federal government doesn’t know how much coronavirus vaccine there is available to the country, adding yet another complication to the new administration’s efforts to mitigate the crisis, reports CNBC’s Amanda Macias.

“I can’t tell you how much vaccine we have, and if I can’t tell it to you then I can’t tell it to the governors and I can’t tell it to the state health officials,” CDC director Dr. Rochelle Walensky told “Fox News Sunday.”

“If they don’t know how much vaccine they’re getting not just this week but next week and the week after they can’t plan. They can’t figure out how many sites to roll out, they can’t figure out how many vaccinators that they need, and they can’t figure out how many appointments to make for the public,” Walensky said.

President Joe Biden has set a goal for the country to administer 100 million vaccines in the president’s first 100 days.

Fred Imbert

Merck ends its Covid vaccine program, citing inferior immune responses

A Merck sign in front of the company’s building in Summit, New Jersey.

Getty Images

Merck said it will end development of its two Covid-19 vaccines, Reuters reports.

In early trials, two of the company’s vaccines generated immune responses that were inferior to those seen in people who had recovered from Covid-19, as well as those reported for other Covid-19 vaccines, according to Reuters.

The drugmaker said it plans to focus its pandemic research on treatments, with initial efficacy data on an experimental oral antiviral expected by the end of March, the wire service said.

Terri Cullen

Google to open vaccine sites at its U.S. offices

American multinational technology company Google logo seen at Googleplex, the corporate headquarters complex of Google and its parent company Alphabet Inc.

Alex Tai | SOPA Images | LightRocket | Getty Images

Google will make some of its own facilities available to open new coronavirus vaccination sites in the U.S.

The company said it has partnered with health clinic chain One Medical and public health authorities to open vaccine sites in Los Angeles; San Francisco; Kirkland, Washington; and New York City. The tech giant also plans to open vaccine centers abroad.

Google also committed $100 million in advertising grants to the CDC Foundation, World Health Organization and nonprofits, as well as a $50 million investment aimed at helping public health agencies reach underserved communities with vaccine information.

Google said it will start including Covid-19 vaccination locations in Google Search and Maps in the coming weeks, starting with Arizona, Louisiana, Mississippi and Texas. The information will include details like whether an appointment or referral is required and if the location has a drive-thru.

—Ryan Browne

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