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Tesla Inc – The China Passenger Car Association reported the company sold 56,006 China-made vehicles in Sept, the highest since it started production in Shanghai about two years ago. TSLA, who is making both the Model 3 sedans and Model Y sport-utility vehicles in Shanghai, sold 44,264 China-made vehicles in Aug, including 31,379 that were exported.
Nike Inc – Goldman Sachs initiates coverage with a “buy” rating and PT of $172, implying a 14.5% upside to last close. GS said the rating is based on Nike’s “powerful brand legacy”, a healthy industry backdrop and continued focus on innovation to drive growth. Also highlighted a high cash balance, room to expand its direct-to-consumers initiative, and recent pullback on sourcing concern as the reason for upside potential.
NVIDIA Corp – Nvidia’s $54 billion bid for British chip designer ARM is expected to face an extended EU antitrust investigation after concessions offered last week failed to address competition concerns. An EU investigation would be the second setback for Nvidia coming two months after Britain’s antitrust agency warned that the deal for the country’s most important technology company could damage competition and weaken rivals.
GlaxoSmithKline – Higher premarket on a report private equity firms are showing interest in company’s $54 bln consumer arm. Potential suitors are said to include Advent, CVC, KKR, Blackstone Inc, Carlyle Group, Permira. GSK first announced its plans to split and list its consumer arm in June.
Energy Stocks – Back on watch after yesterday’s reversal, oil trading slightly higher premarket for the fourth straight session. COP shares looking to bounce back after a downgrade and PT cut from GS Monday, MRO shares on watch as well after raised its PT on the stock to $19. XOM, COP, MRO, BP, CVX
Moderna Inc – Trading higher premarket ahead of a Thursday FDA advisory meeting on the company’s application for authorization of a third booster shot of its vaccine, the company is said to release briefing documents this morning outlining key details of the submission. MRNA also said after the close yesterday it has no plans to share its vaccine recipe.
Ocugen Inc – Trading higher premarket after The Subject Expert Committee of the drug regulator in India has recommended granting emergency use authorization (EUA) for OCGN’s partner Bharat Biotech’s COVID-19 vaccine, Covaxin for children aged 2-18 years.
Airline Stocks – American Airlines shares are rallying premarket on low volume premarket after providing a corporate update saying it now expects its Q3 total rev to be down app. 25% vs Q3 2019, less than expected. Southwest shares are also back on watch after yesterday’s selloff that followed a weekend of mass cancellations raising questions regarding the company’s vaccine policy. AAL, LUV, UAL, DAL, SAVE
Protara Therapeutics – Announced FDA clearance of investigational New Drug Application for Tara-002 for the treatment of Non-Muscle Invasive Bladder Cancer.