Market Insider

Stocks making the biggest moves premarket: Moderna, Carnival, Zoom and more

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Check out the companies making headlines in premarket trading.

Moderna — Shares of the vaccine maker continued their rally, jumping more than 11% in early morning trading Monday after gaining 20% on Friday. On Sunday the company’s chief medical officer said Moderna could roll out a reformulated vaccine against the omicron variant of Covid early next year.

Airlines — Major airlines ticked up as investors bought the dip following new travel suspensions in Asia and Europe, in response to the newly discovered omicron variant of Covid-19. United, Delta and American Airlines each gained about 1%, after losing about 7% Friday. Travel booking site Expedia also rose, about 2%.

Cruise lines — Carnival, Royal Caribbean Cruises and Norwegian Cruise Line Holdings each rose more than 3% amid the broader rebound in travel stocks from Friday’s omicron-driven sell-off.

Allbirds — Shares of the shoe manufacturer rose 2.5% after several analysts initiated coverage of the stock. Morgan Stanley and Bank of America both posted a price target of $23, implying 16% upside to Friday’s close.

Coinbase — The cryptocurrency exchange’s shares rose more than 2% as the price of bitcoin rebounded, after selling off with the broader equities market on Friday. Other crypto-related equities got a lift too, with Microstrategy rising 3.4%. Tesla and Square added more than 1%.

Zoom Video — Zoom shares fell almost 2%, moving in the opposite direction of travel stocks and following a 5.7% jump on Friday. Other stay-at-home stocks dipped slightly Monday morning too, including Peloton, Netflix and Teladoc.

Merck — The pharmaceutical company’s shares fell 1.8% after Citi downgraded its stock to neutral from buy, saying development struggles for the company’s HIV drug islatravir will hurt Merck’s long-term potential.

Wynn Resorts, Las Vegas Sands — The Macao gaming sector is lower after Alvin Chau, the head of Macau’s biggest casino junket operator, and 10 others were arrested over allegedly illegal gambling platforms targeting mainland Chinese, according to a report by the South China Morning Post. Wynn fell 1.9% and Las Vegas Sands fell 1.2%