Pre-Open Stock Movers:

Nektar Therapeutics (NASDAQ: NKTR) 51.7% LOWER; Bristol Myers Squibb (NYSE: BMY) and Nektar Therapeutics (NASDAQ: NKTR) today announced an update following the first analysis of the Phase 3 PIVOT IO-001 study evaluating the doublet therapy of bempegaldesleukin in combination with Opdivo (nivolumab) compared to Opdivo monotherapy as a first-line treatment for previously untreated unresectable or metastatic melanoma. Following a review of the study for efficacy and safety by an independent Data Monitoring Committee (DMC), Bristol Myers Squibb and Nektar were informed that the study did not meet the primary endpoints of progression-free survival (PFS) and objective response rate (ORR) as assessed by Blinded Independent Central Review (BICR). The DMC notified the companies that the third primary endpoint of overall survival (OS) did not meet statistical significance at the first interim analysis.

Turquoise Hill (NYSE: TRQ) 32.2% HIGHER; Rio Tinto (NYSE: RIO) has made a non-binding proposal to the Turquoise Hill (NYSE: TRQ) Board to acquire the approximately 49% of the issued and outstanding shares of Turquoise Hill that Rio Tinto does not currently own. Under the terms of the Proposed Transaction, Turquoise Hill minority shareholders would receive C$34 in cash per Turquoise Hill share, representing a premium of 32% to Turquoise Hills last closing share price on the Toronto Stock Exchange. This proposal would value the Turquoise Hill minority share capital at approximately US$2.7 billion.

QualTek Services (NASDAQ: QTEK) 15% HIGHER; Craig-Hallum initiates coverage on with a Buy rating and a price target of $6.00

JD.com, Inc. (NASDAQ: JD) 8.3% LOWER; Chinese stocks weaker on COVID outbreak, geopolitical worries. Downgraded from Overweight to Underweight at JP Morgan.

Baidu, Inc. (NASDAQ: BIDU) 8% LOWER; Chinese stocks weaker on COVID outbreak, geopolitical worries.

Academy Sports and Outdoors Inc. (NASD: ASO) 7.2% HIGHER; will replace Kraton Corp. (NYSE: KRA) in the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, March 16. DL Chemical Co., Ltd. is acquiring Kraton in a transaction expected to be completed on March 15.

Alibaba (NYSE: BABA) 6.7% LOWER; Chinese stocks weaker on COVID outbreak, geopolitical worries. Downgraded from Overweight to Underweight at JP Morgan.

Affirm Holdings, Inc. (NASDAQ: AFRM) 5.4% LOWER; provided an update on its business performance, including its current funding capacity and availability, and raised the Company's third quarter and full year fiscal 2022 financial outlook.

Melco Resorts & Entertainment (NASDAQ: MLCO) 4.8% LOWER; U.S.-listed casino stocks with ties to Macau declined pre-open Monday amid pressure from surging Covid cases in China

Las Vegas Sands (NYSE: LVS) 3.6% LOWER; U.S.-listed casino stocks with ties to Macau declined pre-open Monday amid pressure from surging Covid cases in China

BioNTech SE (NASDAQ: BNTX) 3.4% HIGHER; vaccine stocks higher on China COVID outbreaks.

Wynn Resorts, Limited (NASDAQ: WYNN) 3.2% LOWER; U.S.-listed casino stocks with ties to Macau declined pre-open Monday amid pressure from surging Covid cases in China

Chevron (NYSE: CVX) 3% LOWER; Morgan Stanley downgraded from Overweight to Equalweight with a price target of $166.00.

Moderna, Inc. (NASDAQ: MRNA) 2.8% HIGHER; vaccine stocks higher on China COVID outbreaks.

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• InVitae (NVTA) Enters into Agreement with Labcorp (LH) for Sale of Business
• Blackstone (BX) to Acquire Tropical Smoothie Cafe