Nike, Accolade And Other Big Stocks Moving Lower In Friday's Pre-Market Session
Portfolio Pulse from Avi Kapoor
Several major stocks, including Nike, Accolade, and others, are experiencing significant declines in pre-market trading due to various negative news and guidance. Nike fell sharply after disappointing earnings and downgrades, while Accolade, PTC Therapeutics, Kura Sushi, Rocket Pharmaceuticals, Polestar Automotive, Foot Locker, and Apellis Pharmaceuticals also saw notable drops.
June 28, 2024 | 1:08 pm
News sentiment analysis
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NEGATIVE IMPACT
Accolade shares tumbled 32.1% to $4.34 in pre-market trading after reporting poor first-quarter financial results and issuing worse-than-expected FY25 revenue guidance. Needham maintained a Buy rating but lowered its price target from $13 to $8.
Accolade's sharp decline is driven by disappointing financial results and guidance, along with a significant price target cut from Needham, indicating a strong negative impact.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Apellis Pharmaceuticals shares declined 4.1% to $39.84 in pre-market trading after the company announced plans to seek re-examination following a negative CHMP opinion for pegcetacoplan.
The negative CHMP opinion for pegcetacoplan and the subsequent plan for re-examination have led to a decline in Apellis Pharmaceuticals' share price.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Foot Locker shares fell 5.3% to $24.16 in pre-market trading.
Foot Locker's decline in pre-market trading suggests a negative sentiment among investors, though specific reasons are not detailed.
CONFIDENCE 60
IMPORTANCE 60
RELEVANCE 100
NEGATIVE IMPACT
Kura Sushi shares declined 12.4% to $72.00 in pre-market trading after issuing soft guidance.
Kura Sushi's decline is due to issuing soft guidance, which has negatively impacted investor sentiment and the stock price.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Nike shares fell 15.6% to $79.42 in pre-market trading after disappointing fourth-quarter earnings and soft FY25 guidance. Analysts at Stifel and Morgan Stanley downgraded the stock.
Nike's significant drop is due to disappointing earnings and guidance, compounded by downgrades from major analysts, indicating a strong negative impact on the stock.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Polestar Automotive shares fell 7.7% to $0.7613 in pre-market trading after the company published full year 2023 results.
Polestar Automotive's decline is attributed to the market's reaction to its full year 2023 results, indicating a negative impact on the stock.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
PTC Therapeutics shares slipped 13.5% to $30.00 in pre-market trading after CHMP issued a negative opinion on the renewal of conditional marketing authorization for Translarna.
The negative opinion from CHMP on Translarna's marketing authorization renewal is a significant setback for PTC Therapeutics, leading to a notable drop in share price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Rocket Pharmaceuticals shares fell 12.4% to $18.75 in pre-market trading after the FDA issued a Complete Response Letter for KRESLADI, requesting additional information.
The FDA's Complete Response Letter for KRESLADI, requesting additional information, has led to a significant drop in Rocket Pharmaceuticals' share price.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 100