Midday movers: Novavax, Eli Lilly, Kohl's and more
By Liz Moyer
Investing.com -- Stocks edged lower on Wednesday to start a new month after ending lower for February. Here are the midday movers for March 1.
- Novavax Inc (NASDAQ: NVAX) shares were down 26% after the COVID-19 vaccine maker warned about its ability to continue operating through 2023, citing significant uncertainty about revenue. It is cutting costs and preparing a vaccine for the fall.
- Eli Lilly and Company (NYSE: LLY) shares rose 1.3% after the pharmaceutical maker said it would slash the price of insulin and cap the monthly cost at $35 for people with private insurance after pressure from the Biden administration on drug makers to lower healthcare costs.
Kohl’s Corp (NYSE: KSS) shares fell 3.4% after the department store operator posted a surprise holiday quarter loss as sales dropped 7%. Its outlook was also weak, seeing sales slipping 4% to 2% from 2022.
Lowe’s Companies Inc (NYSE: LOW) shares fell 5.9% after the home improvement retailer posted weaker-than-expected revenue for the recent quarter.
- Tesla Inc (NASDAQ: TSLA) shares were down 1.6% ahead of an investor day event later in the afternoon, when analysts expect it to reveal new vehicle options and its next strategic move.
AMC Entertainment Holdings Inc (NYSE: AMC) shares were down 6.9% after the movie theater chain said revenue fell 15% in the fourth quarter, and that while box office sales were recovering, it will still take the industry time to fully bounce back from the pandemic.