US Premarket Mover
*Adobe, Canopy Growth, DoorDash, Nikola* US equities were little changed as of 8:51 a.m.
New York time, with Wall Street weighing the latest economic reports ahead of next week’s Federal Reserve decision Here are some of the biggest US movers today: Gainers:
🌟 *Canopy Growth (CGC)* shares jump 20% after the cannabis company ceased funding for BioSteel Sports Nutrition on Thursday
🌟 *Nikola (NKLA)* shares gain 15% putting the electric-vehicle maker on track to extend Thursday’s 32% advance and end the week higher
🌟 *Arm Holdings Inc. (ARM)* shares gains 1.4% after the chip designer’s buoyant market debut, with some attributing the strength to retail investors rushing to buy the shares.
🌟 *Iovance (IOVA)* shares jump 19% after the FDA extended its target action date for its treatment for advanced melanoma, lifileucel, saying that there are no major review issues. Analysts said that, while the delay was disappointing, lack of an AdCom was a positive and approval is still on the cards.
🌟 *Unity Software Inc. (U)* shares are up 2.9% after BofA upgraded the graphic tools provider to buy from neutral.
🌟 *Walt Disney (DIS)* shares are up 0.8% in after Bloomberg reported that the company has held exploratory talks about selling its ABC network and TV stations to Nexstar Media Group Inc. The company said it has made no decision on the divestiture of ABC or any other property, though it is open to considering a variety of strategic options. Analysts are mixed on such a deal.
Decliners:
🛡 *Adobe (ADBE)* shares fell -3.4% after the software company reported third-quarter results that beat expectations and gave an outlook that analysts see as conservative. Net new annualized recurring revenue (ARR) for Adobe’s Digital Media business was singled out as a highlight.
🛡 *DoorDash (DOOR)* shares decline 2.7% after MoffettNathanson downgrades shares to market perform from outperform, saying the resumption of student-loan payments introduces bookings risk to food delivery businesses.
🛡 *PTC Therapeutics (PTCT)* sinks 27% after the company said a European Medicines Agency evaluating committee gave a negative opinion on the conversion of the conditional marketing authorization to full authorization of Translarna. Cantor sees decision as a “a major surprise.”
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