Tesla rose 3.4% in premarket trading. Shares of the electric-car maker closed 10% higher at $231.26 on Tuesday after the company said its second-quarter deliveries beat Wall Street expectations. Tesla shares have risen for six consecutive trading days, and have risen nearly 27% during that streak.
Paramount Global rose 9.5% in premarket trading after The Wall Street Journal reported that the company had reached a tentative agreement to merge with Skydance Media Inc. The deal would see Skydance acquire Paramount’s controlling shareholder, National Amusements Inc., and then merge with Paramount, The Wall Street Journal reported, citing people familiar with the matter.
Nvidia fell 1.3% to $121.05. Shares of the chipmaker fell 1.3% on Tuesday. The leading maker of chips for artificial intelligence applications has risen 148% this year but has been relatively calm over the past week as investors have taken profits.
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Constellation Brands
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Alcoholic beverage company Constellation Brands is scheduled to report its first-quarter results before the stock market opens on Wednesday. Analysts expect Constellation Brands to post earnings of $3.46 a share on revenue of $2.67 billion for the quarter. The company’s shares were up 0.9% ahead of the earnings release.
Eli Lilly on Tuesday received Food and Drug Administration approval for Xanra, a treatment for adults with early symptoms of Alzheimer’s disease. The company’s shares were up 0.5% in premarket trading. Tuesday’s close was down 0.8% after President Joe Biden and Sen. Bernie Sanders criticized the price of its type 2 diabetes drug Munjaro. Novo Nordisk has also come under fire for the prices of its diabetes drug Ozempic and weight-loss drug Wegovy.
CureVac rose 24 percent to $4.13 after GSK reached an agreement to buy rights to the drug.
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It will sell its COVID-19 and influenza vaccines for up to 1.45 billion euros ($1.56 billion). CureVac also said it would cut about 30% of its workforce as part of a restructuring plan.
Simulation Plus
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The modeling and simulation software company said it was suspending its quarterly dividend and would use the funds for its “capital allocation strategy to invest in growth initiatives designed to create long-term shareholder value.” Shares fell 7.2%. The company also reported third-quarter adjusted earnings of 19 cents per share, beating analysts’ expectations, and sales of $18.5 million, up 14% from a year ago.
Shares of Charter Communications fell 1.2 percent to $299.90 after Citi analysts downgraded the cable giant to sell from neutral and cut their price target to $255 from $280.
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Contact Joe Woelfel at joseph.woelfel@barrons.com.
