NIO, Moderna, Block, US Steel, Rocket Lab, and more stock market movers

NIO, Moderna, Block, US Steel, Rocket Lab, and more stock market movers

US-listed shares of NIO (NIO) fell 4.4% in pre-market trading after the Chinese electric vehicle maker said it plans to raise $1 billion through the issuance of convertible senior notes. NIO said it plans to use a portion of the proceeds from the offering to reduce its debt, and the remainder “primarily to further strengthen its balance sheet position as well as for general corporate purposes.”

Moderna (MRNA) stock rose 0.6% in pre-market trading after falling more than 9% in the previous session after Pfizer’s (PFE) CFO predicted… Demand for Covid vaccines has weakened this year. Moderna was the worst performer in


Standard & Poor’s 500

on monday.

Block (SQ) fell 1% after announcing that Alyssa Henry, head of the company’s Square payments platform, had resigned from her position in October. 2. Henry has been working with Block for more than nine years. Jack Dorsey, who leads Block’s overall business, will take over the role of Henry, the company said in a statement on Monday.

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US Steel (X) issued third-quarter financial guidance that was better than expected. Shares of the steelmaker fell slightly in premarket trading. US Steel expected adjusted earnings of $1.10 to $1.15 per share, beating analysts’ estimates of $1.01. The steel producer said the guidance reflects the expected impact of the United Auto Workers strike.

Rocket Lab (RKLB) stock fell 20% in pre-market trading after the space company said it “encountered an issue” during the launch of its 41st mission. “After liftoff from Launch Complex 1, the rocket successfully completed the first stage burn and separation stage as planned, before a problem occurred at approximately T+2 minutes and 30 seconds of flight, resulting in the end of the mission.” The laboratory said in a statement. Rocket Lab added that the company’s next mission, which was scheduled before the end of the third quarter, will be postponed.

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CVS Health (CVS) was upgraded to Outperform from In Line at Evercore ISI and its price target was raised to $83 from $81. CVS shares rose 1.7% to $71.87.

Rackspace technology

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(RXT) rose 8.1% to $1.60 after shares of the cloud computing company were upgraded to Outperform from Market Performance at Raymond James with a price target of $3.50.

Stitch repair (SFIX) reported A A 22% decrease in revenues for the fourth fiscal quarter The online personal styling company saw its active customer base drop to 3.3 million from 3.4 million in the previous quarter and 3.8 million a year earlier. The company said it expects first-quarter revenue to range from $355 million to $365 million, down 18% to 20% from a year earlier, and below analyst estimates of about $402 million.

Earnings reports are scheduled Tuesday from AutoZone (AZO) and Apogee Enterprises (APOG).

Write to Joe Woelfel at [email protected]

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