Clover Health, Wendy’s Rise Premarket; Campbell Soup Falls By

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By Peter Nurse — Stocks in focus in premarket trade on Wednesday, June 9th. Please refresh for updates.

  • Clover Health stock (NASDAQ:) rose 22%, continuing the stellar 86% gains of the previous session, with the Medicare-backed insurance seller quickly becoming the new favorite of retail traders on social media channels such as Reddit’s WallStreetBets.
  • Lordstown Motors (NASDAQ:) fell over 4%, continuing to drop after Tuesday’s 16% fall when the company warned its electric vehicle business may fail. It had reported first quarter 2021 net loss of $125 million.
  • Campbell Soup (NYSE:) dropped 7.4% after the company reported a near 5% fall in quarterly profit, hurt by rising raw material and supply chain costs.
  • Wendy’s (NASDAQ:) rose 5.7%, gaining as part of the meme stock phenomena, and despite Stifel downgrading its investment recommendation on the fast food chain to ‘hold’ from ‘buy’, saying the Reddit-fueled surge has overtaken the fundamental upside for the company.
  • Fastly stock (NYSE:) rose 3.3% after the cloud computing company apologized for Tuesday’s widespread internet outage, saying the incident was caused by a software bug and not anything more sinister.
  • GameStop (NYSE:) rose 0.8% ahead of the struggling videogame retailer reporting its quarterly after the bell on Wednesday. It has lost money for the past three years.
  • Merck (NYSE:) rose 0.7% after the drugmaker said the U.S. government has agreed to buy about 1.7 million courses of the company’s experimental COVID-19 treatment for about $1.2 billion, if it is authorized in the country.
  • Colgate-Palmolive (NYSE:) rose 1.4% after Credit Suisse upgraded its recommendation on the consumer products company to ‘outperform’ from ‘neutral’, saying the ongoing rotation into reopening stocks has left the stock undervalued.
  • Fox stock (NASDAQ:) rose 1.8% after Wells Fargo upgraded its recommendation on the media giant to ‘overweight’ from ‘equal weight’, saying the company could benefit from the rise in sports gambling.
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