Apple, Palantir, BioNTech Fall Premarket; Meta Platforms Rises
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, November 7th. Please refresh for updates.
Apple (NASDAQ: AAPL) stock fell 1.6% after the iPhone maker warned of lower shipments of its premium iPhone 14 model due to a production plant in China being hobbled by COVID-19 restrictions.
Meta Platforms (NASDAQ: META) stock rose 3% after the Wall Street Journal reported over the weekend that the Facebook owner was set to start announcing significant numbers of layoffs, likely starting this week.
Palantir (NYSE: PLTR) stock fell 2.5% after the data analytics software provider posted its slowest quarterly revenue growth since it went public in 2020, but forecast a better-than-expected fourth quarter revenue due to renewal and expansion of U.S. government contracts.
Ouster (NYSE: OUST) stock rose 8.6% while Velodyne (NASDAQ: VLDR) stock rose 7.4% after the two Lidar makers agreed to merge, seeking to increase competitiveness in a sector which has seen valuations fall substantially.
Berkshire Hathaway (NYSE: BRKa) stock rose 1.1% after the Omaha-based conglomerate over the weekend posted a 20% jump in operating earnings during the third quarter, and bought back another $1 billion in stock.
Home Depot (NYSE: HD) stock rose 0.4% after the retail giant's workers voted against forming a union at a location in Pennsylvania.
BioNTech (NASDAQ: BNTX) stock fell 2.7% after the drug maker reported a 43% drop in third-quarter sales from a year ago and 44% fall in net profit, even as it lifted the lower bound of its 2022 COVID-19 vaccine revenue guidance for the full year.
IAA (NYSE: IAA) stock rose 6.3% after Ritchie Bros Auctioneers (NYSE: RBA), down 10%, announced plans to buy the low-value auto marketplace in a cash-and-stock deal valued at about $7.3 billion including debt.
Costco (NASDAQ: COST) stock fell 1.4% after Wells Fargo) downgraded its investment stance on the wholesale retailer to 'equal-weight' from 'overweight', saying the stock is too expensive given the headwinds it faces.