Pfizer, Occidental Petroleum, Bank of America and more

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 in New York City, the United States on February 23 2021.

Brendan McDermid | Reuters

Before the bell rings, find out which companies are making the headlines:

Evergrande Group in China – Chinese real estate giant Evergrande plunged more than 10% on the Hong Kong Stock Exchange, shaking Asian markets. The company has struggled to pay its suppliers and has warned investors twice in as many weeks that it could default on its loans. Last week, Evergrande said its asset sales are likely to drop significantly in September after months of decline.

Pfizer – The pharmaceutical giant said Monday that trials have shown its COVID vaccine to be safe and effective when used in children aged 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 pre-market trading.

Laredo Petroleum, Occidental Petroleum – Oil and energy stocks fell on Monday in pre-market trading. The SPDR S&P Oil & Gas Exploration ETF is down more than 3% at the start of the session on the momentum of its third consecutive negative session. Laredo Petroleum is down over 8%, Colon Petroleum is down about 6% and Occidental Petroleum is down about 5%. The losses came as crude oil fell amid fears of a global economic slowdown linked to the Chinese real estate market.

Colgate-Palmolive – Consumer Staples stock was upgraded from hold to buy by Deutsche Bank on Sunday. The investment firm said inflation and Colgate’s problems in some international markets were already in its actions.

JP MORGAN, Bank of America – Bank stocks fell amid falling bond yields and fears of a recession. Investors are flocking to Treasuries for added security as the stock market braces for its biggest selloff in months. Big bank stocks fell as lower rates could squeeze profits. Bank of America and JPMorgan Chase each lost more than 2% in pre-market trade. Citizen Financial Group fell 3%, while Citigroup lost 2.5%.

AstraZeneca – The UK-based pharmaceutical company announced Monday that its breast cancer drug Enhartu has shown positive results in a Phase III trial. The company’s shares rose more than 1% in pre-market trading.

ARK Innovation ETF – Kathy Wood’s ARK Innovation ETF is down 2.75% in pre-release, close to breaking a 3-day winning streak. Compugen, DraftKings, Coinbase and Square are among the ETF’s biggest losers this morning.

– With reporting from CNBC’s Jesse Pound and Yoon Lee.



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