U.S.-listed shares of NIO ( NIO ) fell 4.4% in premarket trade after the Chinese electric vehicle maker said it plans to raise $1 billion through the issuance of convertible senior notes. NIO said it plans to use a portion of the proceeds from the offering to repay its debt, while the rest will be used “mainly to further strengthen its balance sheet and for general corporate purposes”.
Moderna ( MRNA ) rose 0.6% in premarket trade after falling more than 9% in the previous session after Pfizer’s ( PFE ) chief financial officer forecast. Demand for Covid shots is down this year. Moderna was the worst performer
S&P 500
on Monday.
Block ( SQ ) fell 1% after it was announced on Oct. 2 that Alyssa Henry, head of the company’s Square payments platform, would step down. Henry has been on the block for over nine years. Jack Dorsey, who will lead the overall block business, will assume Henry’s role, the company said in a filing Monday.
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US Steel ( X ) released fiscal third-quarter guidance that was better than expected. Shares of the steelmaker fell slightly in premarket trade. US Steel forecast adjusted earnings of $1.10 to $1.15 a share, beating analysts’ estimates of $1.01. The steelmaker said the guidance reflects the expected impact of the United Auto Workers strike.
Rocket Lab ( RKLB ) fell 20% in premarket trading after the space agency said it “encountered a problem” during the launch of its 41st mission. “Following lift-off from Launch Complex 1, the rocket successfully completed the first stage burn and stage separation as planned, a problem occurred at approximately T+ 2 minutes and 30 seconds into flight, resulting in mission termination,” the rocket lab said in a statement. Rocket Lab added that the company’s next mission, which was planned for the end of the third quarter, will be postponed.
CVS Health ( CVS ) was upgraded to Outperform on the Evercore ISI from in-line and the price target was raised to $83 from $81. CVS shares rose 1.7% to $71.87.
Rackspace technology
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( RXT ) rose 8.1% to $1.60, with the cloud-computing company’s stock upgraded to outperform from market perform at Raymond James with a $3.50 price target.
The stitching is fine (SFIX) Statement a 22% decline in fiscal fourth quarter revenue The online personal styling company saw sales decline to 3.3 million from 3.4 million in the previous quarter and 3.8 million a year ago. The company expects first-quarter revenue of $355 million to $365 million, down 18% to 20% from a year earlier, and below analysts’ estimates of about $402 million.
Earnings reports are scheduled for Tuesday from AutoZone ( AZO ) and Apogee Enterprises ( APOG ).
Write to Joe Woelfel at [email protected]
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