Top US stocks to watch before the bell: Alibaba, Regeneron and J&J
Joshua Warner April 12, 2021 1:12 PM
Alibaba shrugs off a record fine, Regeneron seeks approval for its possible coronavirus treatment, Johnson & Johnson starts shipping its vaccine to the EU, General Motors sees Cruise make headway in Dubai, and an Apple exec prepares to testify on anticompetitive concerns.
Alibaba has brushed-off a $2.75 billion fine from regulators for abusing its market dominance in China by stating that it doesn’t expect any material impact from a regulatory crackdown in China, removing a huge cloud of uncertainty that has lingered over the ecommerce giant.
Chief executive Daniel Zhang said discussions with regulators will result in Alibaba making it easier for third-party merchants to conduct business with the company, after coming under fire for forcing them to choose to work with Alibaba or one of its rivals.
Vice chairman Joe Tsai said regulators were ‘affirming our business model’ and said Alibaba is ‘comfortable that there’s nothing wrong with our fundamental business model as a platform company’.
Regeneron is planning to ask for US approval for an antibody cocktail designed to act as a preventative treatment against the coronavirus following positive trial results.
REGEN-COV is a combination of casirivimab and imdeimab and has shown it can reduce the risk of someone getting symptomatic coronavirus by 31% after just one day in people who were living with someone who already had the virus, and up to 76% after three days.
The combo has already been given emergency approval in the US and the latest results should allow it to expand its usage, possibly into other regions like Europe. Swiss outfit Roche is using its facility in San Francisco to manufacture around 2 million doses of REGEN-COV each year.
Johnson & Johnson
J&J started delivering the first doses of its coronavirus vaccine to Europe today, slightly later than the original plan to begin rolling it out at the beginning of April.
The company intends to deliver around 55 million doses to the bloc before the end of June and follow it up with another 120 million doses by the end of the third quarter. Notably, J&J’s vaccine only requires one dose, which is a huge advantage over the majority of other approved vaccines that require two jabs.
General Motors Co’s Cruise will begin deploying self-driving taxis in Dubai from 2023 under plans to rollout thousands of them across the city over the next decade.
Cruise, which is majority-owned by GM, will introduce a limited number of self-driving taxis at first but has plans to have up to 4,000 of them across Dubai by 2030. The plans means Dubai will become the first city outside the US to actively use Cruise’s technology and it will be the exclusive provider there until 2029. Cruise intends to launch its first service in San Francisco.
Apple’s chief compliance officer has agreed to testify to the US Senate on concerns over the company’s position in the mobile app market after the company came under fire for not making any senior management available. Kyle Andeer is now expected to testify at a hearing on April 21.
The questions will revolve around Apple’s rules on how software developers are treated when using its app store to sell their products, such as rules on sharing revenue. There are accusations that the company holds a monopoly and is anti-competitive, which is strongly denied by Apple.
Alphabet’s Google is also under the spotlight into the investigation thanks to its ownership of Android and the Play Store.
United Airlines has said it expects revenue in the first quarter of 2021 to be around two-thirds lower than the previous year. Quarterly revenue will come in at around $3.2 billion. The decline is at the lower end of the airline’s previous forecast of 65% to 70%.
Ingersoll Rand has agreed to sell its specialty vehicle unit Club Car to private equity firm Platinum Equity for $1.68 billion. The price will be paid in cash and is expected to be completed in the third quarter of 2021. Club Car makes the likes of golf carts and other alternative vehicles.
Cybersecurity firm KnowBe4 is aiming to achieve a $3 billion valuation through an initial public offering on the Nasdaq. The company said it intends to offer around 11.8 million shares at $16 to $18 per share, meaning it could raise up to $213 million. The company was founded in 2010 and it now has around 37,000 customers.
How to trade top US stocks
You can trade a variety of stocks with Forex.com. Follow these easy steps to start trading the opportunities with US stocks today.
- Open a Forex.com account, or log-in if you’re already a customer.
- Search for the company you want to trade in our award-winning platform
- Choose your position and size, and your stop and limit levels
- Place the trade
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.