Take a look at some of the biggest movers in the premarket:
Regeneron Pharmaceuticals (REGN) – The biotech company said it aims to have a potential drug for COVID-19 ready for clinical trials by early summer, earlier than previously expected. The drug is designed to both treat and prevent COVID-19.
Pfizer (PFE), BioNTech (BNTX) – The drugmakers signed an agreement to co-develop and distribute BioNTech's potential coronavirus vaccine aimed at preventing COVID-19 infection. Germany-based BioNTech's vaccine is expected to enter clinical testing by the end of April.
Boeing (BA) – Boeing debt ratings were downgraded by Standard & Poor's by one notch to BBB from A-, with the rating agency saying the jet maker's cash flow for the next two years will be much weaker than originally expected. Separately, the company said it is in talks with White House officials and congressional leaders for short-term financial assistance.
PepsiCo (PEP) – The beverage and snack giant was upgraded to "outperform" from "in line" at Evercore, which said PepsiCo is underappreciated as a defensive investment play compared to the rest of the consumer staples group.
Zoom Video Communications (ZM) – The video communications platform company was named a "buy" in new coverage at Needham, which thinks Zoom's "Meetings" product is exceptionally easy to use, and that its use will accelerate due to the coronavirus outbreak.
Nordstrom (JWN) – The retailer is closing its stores in the U.S. and Canada for two weeks due to the coronavirus outbreak, and withdrew its fiscal 2020 forecast. It will provide pay and benefits to employees during that period. Another retailer – Canada Goose (GOOS) – also announced it is closing all retail stores in North America and Europe until at least March 31.
Exxon Mobil (XOM) – Exxon said it would make "significant" cuts to planned spending due to the significant drop in oil prices amid the virus outbreak. The oil giant's shares are now at a 17-year low.
McDonald's (MCD) – McDonald's said it would close dine-in areas at many of its U.S. stores, shifting to takeout and delivery as many U.S. cities order restaurants and bars to be closed. Chains like Starbucks (SBUX) and Shake Shack (SHAK) announced similar moves.
HD Supply (HDS) – The industrial distributor reported quarterly earnings of 64 cents per share, beating the consensus estimate of 55 cents a share. Revenue was also above forecasts and the company said it would take steps to help its customers navigate difficulties caused by the coronavirus outbreak.
Michaels (MIK) – The arts and crafts retailer beat estimates by a penny a share, with quarterly profit of $1.26 per share. Revenue was essentially in line with forecasts. Same-store sales were down 2.4%, less than the 2.6% drop that was forecast by analysts surveyed by Refinitiv.
Wells Fargo (WFC) – Wells Fargo clawed back $15 million in compensation from former CEO Timothy Sloan, who left the bank last year. A Securities and Exchange Commission filing said the decision was made by the board to take back money granted to him in early 2019, and that Sloan left with no severance.
Comcast (CMCSA) – The company's Universal Pictures unit is making movies available to rent at home while they are still in theaters, as many movie theaters close and more people stay at home amid the virus outbreak. Comcast is the parent company of NBCUniversal and CNBC.
Tesla (TSLA) – Tesla said it delivered its first Model Y SUV, although the automaker did not specify who received the first car.
Procter & Gamble (PG) – Procter & Gamble was upgraded to "buy" from "hold" at Deutsche Bank, which called the consumer products giant an attractive defensive play in the current market environment and that it will outperform investor expectations over the next 12 months.