Moderna, Xpeng and Uber rise premarket; State Street falls

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Monday, April 17th. Please refresh for updates.

• Merck (NYSE:MRK) stock fell 0.1% after the drugs giant announced Sunday plans to acquire Prometheus Biosciences (NASDAQ:RXDX), up 70%, for just short of $11 billion, building up its presence in immunology.

• State Street (NYSE:STT) stock fell 8.4% after the financial services company reported disappointing first-quarter results, with earnings and revenue both below expectations.

• Moderna (NASDAQ:MRNA) stock rose 2.5% after the company’s experimental mRNA cancer vaccine significantly cut the risk of death or recurrence of the most deadly skin cancer.

• Xpeng (NYSE:XPEV) stock rose 11% after the Chinese electric vehicle maker unveiled a new platform it developed in-house for making vehicles, which it said will reduce development and manufacturing costs.

• Dell (NYSE:DELL) stock fell 2.1% after JPMorgan downgraded its stance on the tech giant to ‘neutral’ from ‘overweight’, while HP (NYSE:HPQ) stock rose 2.3% after the investment bank lifted it to ‘overweight’ from ‘neutral’.

• Uber (NYSE:UBER) stock rose 1.2% after Jefferies called the ride-sharing firm a top pick in a note, expecting long-term earnings growth to drive its shares around 50% higher.

• M&T Bank (NYSE:MTB) stock rose 3.1% after the lender beat expectations for first-quarter profit, as the Federal Reserve's rapid rate hikes to tame high inflation boosted its interest income.

• Amneal Pharmaceuticals (NYSE:AMRX) stock rose 8.8% after the pharma company reported strong first-quarter revenue growth and reaffirmed its 2023 guidance.