Uber, Pfizer, Tesla, Carvana Rise Premarket; Eli Lilly Falls
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, November 1st. Please refresh for updates.
Uber (NYSE: UBER) stock soared 10.4% after the ride-hailing firm forecast fourth quarter operating profit above expectations, betting on rising demand for its rides as customers resume spending more on travel and tight control on costs.
Pfizer (NYSE: PFE) stock rose 4.1% after the drugmaker raised its full-year estimates for sales of its COVID-19 vaccine by $2 billion to $34 billion, encouraged by demand for its new booster shots.
Eli Lilly (NYSE: LLY) stock fell 1.9% after the drugmaker cut its full-year profit forecast, as it struggles with lower insulin prices and generic competition for its cancer drug.
Abiomed (NASDAQ: ABMD) stock soared 52% after Johnson & Johnson (NYSE: JNJ), down 0.5%, announced plans to acquire the medical technology provider for $380 per share in cash, an enterprise value of nearly $16.6 billion.
Marathon Petroleum (NYSE: MPC) stock rose 1.5% after the refiner reported a jump in quarterly profit, on the back of a surge in demand for fuel and refined products amid tight supplies.
Phillips 66 (NYSE: PSX) stock rose 0.7% after the refiner reported a jump in quarterly profit, benefiting from surging fuel demand and tight energy supplies.
Tesla (NASDAQ: TSLA) stock rose 2% after Reuters reported that the electric vehicle manufacturer aims to start mass production of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck.
Carvana (NYSE: CVNA) stock soared 12.1% after JPMorgan upgraded its investment stance on the used car retailer to 'neutral' from 'underweight', saying investors now have a better handle on the risks involved.
Monster Beverage (NASDAQ: MNST) stock rose 2.3% after JPMorgan upgraded its stance on the energy drinks manufacturer to 'overweight' from 'neutral', saying it has an attractive valuation.