Key Takeaways
- Moderna climbed approximately 9-12% following U.S. health officials’ report of a hantavirus case and the biotech’s announcement of ongoing treatment research
- Intel rallied 6.6% in early trading amid reports of a tentative chip production agreement with Apple
- Micron Technology advanced 3.3% as SK Hynix soared 12% due to potential Samsung labor disruptions
- Lumentum Holdings climbed 4% following its selection for inclusion in the Nasdaq-100 Index
- Wendy’s dropped 3% after receiving a downgrade to Underweight from JPMorgan with an $8 target price
Shares of Moderna were trading sharply higher during Monday’s premarket session. The biotech stock advanced between 9% and 12%, extending Friday’s impressive 12% gain.
The rally followed an announcement from U.S. health authorities regarding a passenger aboard a repatriation flight who tested mildly positive for the Andes variant of hantavirus. Authorities also noted that another passenger was exhibiting minor symptoms.
Moderna disclosed that it is pursuing early-phase research into hantavirus treatments. This research effort is a collaboration with the U.S. Army Medical Research Institute of Infectious Diseases and Korea University College of Medicine.
According to the company, this research initiative predates the current outbreak. It represents part of a wider strategy to create medical interventions for novel infectious diseases.
Concern over hantavirus has intensified following reports of an outbreak aboard the MV Hondius cruise vessel, which allegedly resulted in three fatalities and multiple infections.
Intel Rallies on Reported Apple Partnership
Intel shares advanced 6.6% to $133.10 during Monday’s premarket session. This followed a robust Friday performance that saw the stock finish 14% higher.
The surge came after media reports suggested Intel had secured a tentative manufacturing partnership with Apple for chip production. Neither Intel nor Apple has publicly verified the arrangement.
Bank of America increased its Intel price objective to $96 from $56 on Monday. Despite the upgrade, the financial institution maintained its Underperform rating.
Memory Chip Manufacturers Benefit From Samsung Labor Concerns
Micron Technology shares increased 3.3% in premarket activity. Meanwhile, competitor SK Hynix jumped 12%.
The upward movement occurred as Samsung Electronics continued negotiations with its labor union following mediation efforts. Both parties are working to prevent a comprehensive work stoppage.
Jefferies analysts estimate that a Samsung strike could impact approximately 3% of worldwide memory chip manufacturing capacity.
Apollo Global Management declined 0.9% following a Wall Street Journal report indicating the investment firm is negotiating the sale of one of its private-credit vehicles. Apollo has not issued a statement regarding the report.
Lumentum Holdings increased 4% after Nasdaq revealed the company would enter the Nasdaq-100 Index on May 18, taking the place of CoStar Group. The Nasdaq-100 serves as the underlying index for more than 200 investment vehicles managing over $600 billion in total assets.
Wendy’s shares fell 3% following JPMorgan’s downgrade from Neutral to Underweight. Analyst Rahul Krotthapalli pointed to ongoing revenue challenges and leadership uncertainty. JPMorgan established a $6 price objective, suggesting roughly 18% potential downside.
Stock index futures were trending slightly lower Monday. The decline followed comments from Israeli Prime Minister Benjamin Netanyahu suggesting that tensions with Iran remain unresolved, heightening concerns about potential disruptions to Middle Eastern energy markets.
