By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, January 12th. Please refresh for updates.
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Biogen (NASDAQ:BIIB) stock slumped 8.5% after the U.S. government Medicare program said it will require patients it will cover Alzheimer's treatments, including the drugmaker's Aduhelm, to be enrolled in a clinical trial, limiting access to the treatment. Piper Sandler downgraded its stance to “neutral” from “overweight”.
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Lucid (NASDAQ:LCID) stock fell 1.1% after Chairman Andrew Liveris announced plans to build an electric-vehicle factory in Saudi Arabia by 2025 or 2026.
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PayPal (NASDAQ:PYPL) stock fell 1.9% after Jefferies downgraded its stance on the digital payments company to “hold” from “buy”, citing the normalizing of consumer conditions and limited catalysts ahead.
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Philips (NYSE:PHG) ADRs fell 15% after the Dutch maker of medical equipment warned of a hit to its fourth-quarter profit, citing supply chain shortages and customers choosing to delay installation of equipment.
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Meta Platforms (NASDAQ:FB) stock fell 0.1% despite the Facebook-owner appointing DoorDash (NYSE:DASH) CEO Tony Xu to its board to help advise on its expansion into e-commerce.
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Exxon Mobil (NYSE:XOM) stock rose 0.3% after Reuters reported that the oil major put some of its shale assets in Ohio on the block.
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Didi Global (NYSE:DIDI) ADRs rose 5.1% following a report that the ride-hailing company’s Hong Kong IPO, announced in December, could happen in the second quarter of this year along with its withdrawal from the NYSE.
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Wells Fargo (NYSE:WFC) stock rose 0.9% after Piper Sandler upgraded its stance on the banking giant to “overweight” from “neutral”, saying the bank should benefit disproportionately from a climate of rising interest rates.
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Ocugen (NASDAQ:OCGN) stock rose 5.8% after positive results from trials of the biopharmaceutical company’s vaccine candidate Covaxin.