Quick Overview
- Moderna advanced approximately 9-12% following U.S. health authorities’ announcement of a hantavirus case and the biotech firm’s disclosure of early research into potential treatments
- Intel climbed 6.6% during premarket hours following media reports suggesting a preliminary manufacturing agreement with Apple
- Micron Technology increased 3.3% as SK Hynix rallied 12% amid concerns about potential labor disruptions at Samsung facilities
- Lumentum Holdings advanced 4% following its selection for inclusion in the Nasdaq-100 Index
- Wendy’s declined 3% after receiving a downgrade to Underweight from JPMorgan with an $8 price objective
Moderna emerged as one of Monday’s top performers during premarket activity. The biotech company’s shares advanced between 9% and 12%, extending Friday’s 12% surge.
The rally followed an announcement from U.S. health authorities regarding a passenger aboard a repatriation flight who tested mildly positive for the Andes strain of hantavirus. Health officials also noted another passenger displaying mild symptoms.
Moderna disclosed its ongoing early-stage hantavirus research program. The biotech company is collaborating with the U.S. Army Medical Research Institute of Infectious Diseases along with Korea University College of Medicine on this initiative.
The pharmaceutical company emphasized that this research program began prior to the current outbreak. The effort represents part of a wider strategy to create medical interventions for newly emerging infectious disease threats.
Hantavirus has drawn increased attention following an outbreak aboard the MV Hondius cruise vessel that reportedly resulted in three fatalities and multiple infections.
Apple Manufacturing Reports Drive Intel Rally
Intel shares advanced 6.6% to $133.10 during Monday’s premarket session. This movement followed Friday’s robust performance that saw the semiconductor stock close 14% higher.
The upward momentum followed media reports indicating Intel had secured a preliminary manufacturing arrangement to produce chips for Apple products. Neither technology company has issued official confirmation of such an agreement.
Bank of America elevated its price objective for Intel to $96 from $56 on Monday. The financial institution maintained its Underperform rating on the semiconductor manufacturer.
Samsung Labor Negotiations Impact Memory Chip Sector
Micron Technology climbed 3.3% in early trading. Competitor SK Hynix experienced a more dramatic surge of 12%.
These gains emerged as Samsung Electronics engaged in post-mediation discussions with its labor union. Both parties are working to prevent a comprehensive work stoppage.
Jefferies analysis suggests a potential Samsung strike could impact approximately 3% of worldwide memory chip manufacturing capacity.
Apollo Global Management dropped 0.9% following a Wall Street Journal report indicating the investment firm is negotiating the potential sale of one of its private-credit funds. Apollo declined to provide commentary on the matter.
Lumentum Holdings appreciated 4% after Nasdaq’s announcement that the company would enter the Nasdaq-100 Index on May 18, taking the place of CoStar Group. More than 200 investment vehicles tracking the Nasdaq-100 represent over $600 billion in managed assets.
Wendy’s decreased 3% following JPMorgan’s downgrade of the restaurant chain to Underweight from Neutral. Analyst Rahul Krotthapalli pointed to persistent sales weakness and the absence of permanent executive leadership. JPMorgan established a $6 price objective, suggesting approximately 18% potential decline.
Stock futures trended downward Monday. Concerns intensified after Israeli Prime Minister Benjamin Netanyahu stated the confrontation with Iran “isn’t over,” elevating worries about Middle Eastern instability potentially disrupting energy markets.
