U.S. stock futures fell Wednesday as traders struggle to find their footing after the S&P 500 notched a fresh bear market low in the previous session.
Market Snapshot
At 8:00 a.m. ET, Dow e-minis were down 96 points, or 0.33%, S&P 500 e-minis were down 21.25 points, or 0.58%, and Nasdaq 100 e-minis were down 117.5 points, or 1.04%.
Pre-Market Movers
Biogen – Biogen soared 45.6% in premarket trading after Biogen and Japanese partnerEisaisaid their experimental Alzheimer’s drug dramatically slowed the disease’s progression in a study, reducing cognitive and functional decline by 27%.
Thor Industries – Thor Industries gained 3.6% in the premarket after the recreational vehicle maker reported better-than-expected profit and revenue for its latest quarter. Thor saw particular strength in its motorized RV segment, with a 24.5% gain over the prior year.
Lyft – Lyft said it would freeze hiring through the end of this year. That follows the ride-hailing company’s previous statement that it would slow hiring “dramatically” as it seeks to cut costs. Lyft slid 2.5% in premarket trading.
Apple – Apple is said to be backing off plans to increase production of its new iPhone 14 line, according to people familiar with the matter who spoke to Bloomberg. That comes after an anticipated surge in demand failed to materialize. Apple declined 3.7% in premarket action.
Ocugen – Ocugen surged 8.2% in premarket trading after the drug maker announced a licensing agreement with Washington University in St. Louis to develop, commercialize and manufacture its intranasal Covid-19 vaccine.
Walt Disney – Walt Disney is shutting its four Florida theme parks and related properties as the state braces for Hurricane Ian, which was upgraded to a Category 4 storm this morning.
BlackBerry – BlackBerry reported a smaller-than-expected quarterly loss and revenue that exceeded analyst forecasts, but the communications software company’s cybersecurity revenue fell amid cautious spending by customers.
Canopy Growth – Canopy Growth announced plans to divest its retail operations in Canada, selling stores to partner OEG Retail Cannabis and cannabis retailer 420 Investments. The sales come after the cannabis producer announced earlier this year that it was extending its time frame to achieve profitability. Canopy Growth shares slipped 1.8% in the premarket.
Market News
Apple Ditches iPhone Production Increase After Demand Falters
Apple Inc. is backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, according to people familiar with the matter.
The Cupertino, California-based electronics maker has told suppliers to pull back from efforts to increase assembly of the iPhone 14 product family by as many as 6 million units in the second half of this year, said the people, asking not to be named as the plans are not public. Instead, the company will aim to produce 90 million handsets for the period, roughly the same level as the prior year andin linewith Apple’s original forecast this summer, the people said.
Eisai, Biogen Say Alzheimer's Drug Succeeds in Slowing Cognitive Decline
An experimental Alzheimer's drug developed by Eisai Co Ltd and Biogen Inc significantly slowed cognitive and functional decline in a large trial of patients in the early stages of the disease, the companies said on Tuesday.
The injected drug, lecanemab, slowed progress of the brain-wasting disease by 27% compared to a placebo, meeting the study's main goal, and offering an apparent win for the companies and potentially for patients and their families desperate for an effective treatment.
Ocugen Announces Agreement With Washington University
Ocugen, Inc., a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines, today announced that the company has entered into an exclusive license agreement with Washington University in St. Louis, MO for the rights to develop, manufacture and commercialize its proprietary, intranasally delivered COVID-19 vaccine in the United States, Europe, and Japan. This vaccine is already authorized for emergency use in India and is an important addition to Ocugen’s COVID-19 vaccine portfolio.
Lyft to Freeze Hiring Through Year-End on Economic Uncertainty
Lyft Inc. said it will freeze hiring in the US at least until next year, amid economic instability that’s rattled the ride-hail giant’s stock price.
The move is an extension of Lyft’s decision toslow hiringin May. The San Francisco-based company has been focused on reining in costs and maintaining profitability in the face of a deteriorating economic outlook.
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