Novavax, Moderna, Tesla: What you should consider on the stock market today

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Wall Street started the month ahead with the S&P 500 rising 0.2% in early trading. Here’s what we’re seeing in the market today.

  • Novavax said it has completed its ongoing filing with the Canadian Health Authority for approval of its Covid-19 vaccine candidate. The biotech company also said regulators in Indonesia had approved its emergency syringe. Shares rose more than 4% shortly after the opening bell.
  • There was less good news over at Moderna. The Food and Drug Administration is delaying a decision on the company’s application for approval of the Covid-19 vaccine in adolescents to assess whether the vaccination leads to an increased risk of myocarditis. The shares fell more than 6%.
  • ON Semiconductor gained more than 10%. The company, which manufactures semiconductors for the automotive and industrial markets, exceeded analysts’ expectations for quarterly earnings.
  • XPeng’s US-listed shares rose 5.5%. The Chinese automaker reported strong sales for October.
  • Tesla gained 1.8%. Ganfeng Lithium said it signed a contract to supply battery products to the electric car maker from 2022 to 2024. Tesla options have been changing hands at a rapid pace recently.
  • CrowdStrike shares lost 3.3% after BTIG downgraded the stock from “buy” to “neutral”.
  • Plug Power, which develops hydrogen fuel systems and whose stocks are often volatile, rose 6.8%. Stocks were among the most heavily traded premarkets.
  • The day trader favorite AMC Entertainment gained 1.6%. AMC said that October ticket revenue from its US cinemas was the highest of any month since February 2020.
  • Also traded quickly: Palantir Technologies. The software company rose 1.5%.
  • Newell Brands shares rose 1.3% after JPMorgan moved the stock from neutral to overweight.
Chart of the day

High-speed trading firms pay brokers billions of dollars annually to execute option orders, leading them to encourage risky trades that are booming in popularity with retail investors. Robinhood Markets benefited from the derivatives frenzy.

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