Pfizer, Occidental Petroleum, Bank of America and more

A syringe is filled with a dose of Pfizer’s coronavirus disease (COVID-19) vaccine at a pop-up community vaccination center at the Gateway World Christian Center in Valley Stream, New York, USA, February 23 from 2021.

Brendan McDermid | Reuters

Take a look at the companies that are making headlines before the bell rings:

China Evergrande Group – Chinese real estate giant Evergrande plunged more than 10% on the Hong Kong Stock Exchange, scaring Asian markets. The company has been struggling to pay its suppliersand it warned investors twice in the same number of weeks that it could default on its debts. Last week, Evergrande said property sales are likely to continue to decline significantly in September after falling for months.

Pfizer – The pharmaceutical giant said monday that trials showed their Covid vaccine was safe and effective when used in children ages 5 to 11. Pfizer and its partner BioNTech said they would submit the results for approval “as soon as possible.” Pfizer shares fell about 1% in premarket trading.

Laredo Oil, Occidental Petroleum – Oil and energy stocks fell in pre-market trading on Monday. The SPDR S&P Oil & Gas Exploration ETF is down more than 3% in early trading, heading for its third negative session in a row. Laredo Petroleum is down more than 8%, Callon Petroleum is down about 6% and Occidental Petroleum is down almost 5%. The losses came as crude oil fell on fears of a global economic slowdown linked to China’s housing market.

Colgate-Palmolive – The stock of basic consumer products updated to buy on hold by Deutsche Bank on Sunday. The investment firm said Colgate’s struggles with inflation and in some international markets were already priced into its shares.

JPMorgan, Bank of America – Bank stocks fell in unison amid a drop in bond yields on fear of a slowdown. Investors flocked to Treasuries for safety as the stock market is poised for its biggest sell-off in months. Shares of big banks took a hit as falling rates may hurt earnings. Bank of America and JPMorgan Chase each fell more than 2% in premarket trading. Citizens Financial Group was down 3%, while Citigroup was down 2.5%.

AstraZeneca – The UK-based pharmaceutical company announced on Monday that its breast cancer drug Enhertu showed positive results in a phase three trial. The company’s shares rose more than 1% in premarket trading.

ARK Innovation ETF – Cathie Wood’s ARK Innovation ETF is down 2.75% on the previous market, on track to break a 3-day winning streak. Compugen, DraftKings, Coinbase, and Square are some of the ETF’s biggest losers this morning.

– with reports from CNBC’s Jesse Pound and Yun Li.


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