Stocks making the biggest moves premarket: Affirm, Netflix, Incyte, Norwegian Cruise Line & more
Check out the companies making headlines before the bell. Norwegian Cruise Line — Shares of the cruise operator rose 4% on the back of an upgrade from JPMorgan to overweight from neutral. The firm is bullish on the company, citing that its management has indicated no change in booking curves and cancellation rates, or cracks in onboard spend levels. Incyte — The pharmaceutical stock fell more than 14% after the release of phase three trial data for a skin condition treatment. Incyte said that the trials of its drug met the primary endpoints. However, the drug was effective for less than half of the participants who took it in the trials. Netflix — The streaming giant advanced 1.5% on the back of MoffettNathanson’s upgrade to buy from neutral. The firm said Netflix can monetize more than previously expected, in turn growing profit. Affirm — The buy now, pay later stock dipped 13% after CNBC reported that rival Klarna will be the exclusive provider of such loans for Walmart . This takes away a coveted partnership from Affirm, whose chief revenue officer Wayne Pommen referred to Walmart and partnerships with big merchants such as Amazon and Target as its “crown jewel partnerships.” Nvidia — Shares of Nvidia edged 1.5% higher as investors picked up shares of the chipmaking giant, which has tumbled more than 12% over the past month. Sprouts Farmers Market — The food retailer added 1% on the back of an upgrade at Deutsche Bank to buy from hold. The bank said the stock’s recent 23% pullback has provided a good entry point. It believes Sprouts’ same-store sales momentum is sustainable and sees margin expansion opportunities. Berkshire Hathaway — Warren Buffett’s Berkshire Hathaway dipped just 0.1% after it upped its stake in Japanese trading houses Mitsubishi , Itochu , Sumitomo , Marubeni and Mitsui , according to regulatory filings. — CNBC’s Jesse Pound, Lisa Han, Michelle Theobald, Alex Harring contributed reporting.
