May 27, 2024


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NIO, Moderna, Block, US Steel, Rocket Lab, AutoZone, and more market drivers

NIO, Moderna, Block, US Steel, Rocket Lab, AutoZone, and more market drivers

US-listed shares of NIO (symbol: NIO) fell 5.4% in pre-market trading after the Chinese electric car maker said it plans to raise $1 billion through the issuance of convertible senior notes. NIO said it plans to use a portion of the proceeds from the offering to reduce its debt, and the remainder “primarily to further strengthen its balance sheet position as well as for general corporate purposes.”

Moderna (MRNA) stock rose 0.4% in pre-market trading after falling more than 9% in the previous session after Pfizer’s (PFE) CFO predicted… Demand for Covid vaccines has weakened this year. Moderna was the worst performer in

Standard & Poor’s 500

on monday.

US Steel (X) issued third-quarter financial guidance that was better than expected. Shares of the steelmaker rose 1.9% in premarket trading. US Steel expected adjusted earnings of $1.10 to $1.15 per share, beating analysts’ estimates of $1.01. The steel producer said the guidance reflects the expected impact of the United Auto Workers strike.

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Rocket Lab (RKLB) stock fell 26% in pre-market trading after the space company said it “experienced an issue” during the launch of its 41st mission. “After liftoff from Launch Complex 1, the rocket successfully completed first stage burn and stage separation as planned, before a problem occurred at approximately T+ 2 minutes and 30 seconds of flight, resulting in the end of the mission.” The laboratory said in a statement. Rocket Lab added that the company’s next mission, which was scheduled before the end of the third quarter, will be postponed.

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AutoZone (AZO) stock fell 1.8% after the auto parts maker easily beat earnings and sales estimates for its fiscal fourth quarter, but sales at the company’s domestic business division came up short.

CVS Health (CVS) was upgraded to Outperform from In Line at Evercore ISI and its price target was raised to $83 from $81. CVS shares rose 0.9% to $71.35.


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(SQ) fell 0.8% after announcing the resignation of Alyssa Henry, head of the company’s Square payments platform, on October 2. Henry has been working at Block for more than nine years. Jack Dorsey, who leads Block’s overall business, will take over the role of Henry, the company said in a statement on Monday.

Apogee Enterprises (APOG) stock rose 6.5% after the architectural products and services company reported better-than-expected adjusted fiscal earnings for the second quarter and raised its outlook for the fiscal year.

Rackspace Technology (RXT) rose 8.1% to $1.60 after shares of the cloud computing company were upgraded to Outperform from Market Performance at Raymond James with a price target of $3.50.

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Stitch repair (SFIX) A. reported A 22% decrease in revenues for the fourth fiscal quarter The online personal styling company saw its active customer base drop to 3.3 million from 3.4 million in the previous quarter and 3.8 million a year earlier. The company said it expects first-quarter revenue to range from $355 million to $365 million, down 18% to 20% from a year earlier, and below analyst estimates of about $402 million. Shares fell 8.2% in pre-market trading.

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Write to Joe Woelfel at [email protected]