Novavax, Upstart, Micron, Allbirds Fall Premarket; Capri Rises

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Tuesday, August 9th. Please refresh for updates.

• Novavax (NASDAQ:NVAX) stock slumped 31% after the biotech halved its full-year revenue forecast as it does not expect further sales of its COVID-19 shot this year in the United States in the face of a global supply glut and soft demand.

• Capri Holdings (NYSE:CPRI) stock rose 3.3% after the Michael Kors-owner beat quarterly revenue estimates, helped by solid demand for luxury goods from higher income consumers.

• Upstart (NASDAQ:UPST) stock fell 13% after the lender, which uses artificial intelligence, missed both profit and revenue expectations in the second quarter.

• Alphabet (NASDAQ:GOOGL) stock fell 0.7% after its Google search unit briefly went down in a number of countries earlier in the session.

• Take-Two (NASDAQ:TTWO) stock fell 3.4% after the video-game company reported a surprise fiscal first-quarter loss and a softer outlook for the current quarter, even while lifting its full-year guidance.

• Micron (NASDAQ:MU) stock fell 4% after the chipmaker said its free cash flow was expected to be negative for the fiscal first quarter and that it could see significant sequential declines in revenue and margins in the period due to a fall in shipments.

• Allbirds (NASDAQ:BIRD) stock fell 12% after the footwear retailer cut its full-year forecasts, expecting consumer spending to be hit in the second half of the year.

• Signet Jewelers (NYSE:SIG) stock fell 5.9% after it announced plans to buy online jewelry retailer Blue Nile for $360 million in an all-cash deal.

• Emerson (NYSE:EMR) stock rose 0.4% after the equipment maker posted a jump in third-quarter profit benefiting from stronger performance at its automation unit.

• Devon Energy (NYSE:DVN) stock rose 1.4% after the shale producer said it will buy Validus Energy, an Eagle Ford basin operator, for $1.8 billion in cash.

• Palantir (NYSE:PLTR) stock fell 2.3% after Deutsche Bank downgraded its stance on the data analytics software company to ‘sell’ from ‘hold’, citing a slowdown in government contracts.