By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, November 23rd. Please refresh for updates.
Regeneron (NASDAQ:REGN) stock rose 3.9% after the biotech’s experimental drug to treat Covid-19 patients, already used by President Trump, was granted emergency use authorization by the Food nd Drug Administration.
AstraZeneca (NASDAQ:AZN) ADR fell 1% despite its vaccine news. The pharma giant said there were two different dosing regimes, one produced 90% effectiveness and the other 62%. News of the later has dragged the share price down, as it is considerably below the 95% level seen in the Pfizer (NYSE:PFE) and Moderna (NASDAQ:MRNA) options. It isn't clear why anyone would take the less effective regime, given that the more effective one actually requires fewer resources.
Merck (NYSE:MRK) stock rose 1.9% after the pharma giant acquired Oncolmmune for $425 million, a drug maker which has produced a medication that has produced promising results in seriously ill Covid-19 patients.
Carnival (NYSE:CUK) stock rose 2.6%, Royal Caribbean (NYSE:RCL) stock rose 1.8%, benefiting from the vaccine news amid hopes the economy will reopen more quickly, overshadowing the Center for Disease Control raising its warnings against cruises to the highest on its scale.
Wynn Resorts (NASDAQ:WYNN) stock rose 0.9% and Caesars (NASDAQ:CZR) stock climbed 0.4% despite Las Vegas cutting capacity at the casinos to 25% from 50% to try and curb the spread of the virus in Nevada.
Warner Music (NASDAQ:WMG) stock rose 0.4% after its fourth-quarter revenue beat expectations, as digital revenue growth partially offset by a decline in recorded music artist services.
Western Union (NYSE:WU) stock rose 0.5% after the financial services company agreed to pay $200 million for a 15% stake in a unit of Saudi Telecom Company.
Kellogg (NYSE:K) stock fell 0.8% after Credit Suisse (SIX:CSGN) downgraded its investment stance on the cereal maker to “neutral” from “outperform”, citing increased investment in 2021.
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