Novavax, AMC, Orphazyme, Corsair Gaming: What to Watch When the Stock Market Opens Today

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Novavax

shares got a shot in the arm from positive results for its Covid-19 vaccine. Bitcoin took another leg higher over the weekend after Elon Musk again took to

Twitter.

Here’s what we’re watching as Monday’s trading activity heats up.

  • U.S. stock futures edged up, pointing to a fresh record for the S&P 500 after it ended last week at an all-time high.
  • Futures tied to the S&P 500 ticked up less than 0.1%. The broad market gauge has climbed for three consecutive weeks. Nasdaq-100 futures added 0.3%, pointing to a moderate rise in technology stocks at the opening bell.
  • Bitcoin jumped 6.6% from its level at 5 p.m. ET Friday to trade around $39,300, according to CoinDesk. Elon Musk tweeted Sunday that

    Tesla

    will resume accepting the cryptocurrency as a form of payment when miners use more clean energy.

What’s Coming Up
Market Movers to Watch
  • Novavax jumped 11% premarket after it released test results showing that its Covid-19 shot had an overall efficacy of 90%, and 100% against moderate and severe disease.

Nita Patel, senior director of vaccine development at Novavax, holds a vial of Novavax’s Covid-19 vaccine, Feb. 11, 2021.



Photo:

T.J. Kirkpatrick for The Wall St

  • Marqeta

    was up 2.4% before the open, which would bring the payment card-issuing technology company’s shares back close to their highest level after its IPO last week.

  • Orphazyme

    was continuing its wild ride, adding 29% ahead of the bell. The Denmark-based biopharmaceutical company’s shares rocketed higher last week only to give up most of the gains. The company said it was unaware of the reason for the volatility.

  • Meme-stock favorite

    AMC Entertainment

    added 1.1%. A multipronged bet on AMC boomeranged this month on Mudrick Capital Management, the latest hedge fund to fall victim to swarming day traders.

  • Corsair Gaming

    shot 14% higher premarket. The stock has seem some chatter over the weekend among the Reddit crowd.

  • Senseonics,

    a maker of implantable glucose monitors for diabetics, was also rocketing higher, with a 14% premarket gain.

  • Chipotle Mexican Grill

    shares gained 2.4%. Analysts at Raymond James lifted their rating on the stock, pointing to recent menu price hikes.

Market Facts
  • The Nasdaq Biotechnology Index rose 6% last week, after the FDA gave the green light to Biogen’s Alzheimer’s drug Aduhelm on Monday.
  • About 83% of recorded-music revenue in the U.S. last year came from streaming, compared with less than 7% in 2010, when paid downloads and CD sales still drove the bulk of the industry’s revenue, according to data from the Recording Industry Association of America.
  • On this day in 2000, the SEC, the FBI, and the U.S. Attorney for the Southern District of New York cracked down on more than 100 alleged mobsters and their cronies, claiming that the mafia—in cahoots with brokers, investment bankers, a money manager, and a retired New York City cop—manipulated the prices of 19 stocks, defrauding thousands of investors out of an estimated $50 million. 
Chart of the Day
  • Tesla and other companies that hold the notoriously volatile cryptocurrency often must record impairment charges when its value falls.
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