Analyst commentary provided a key catalyst during Thursday’s midday trading. This included Novavax (NASDAQ:NVAX), which dropped as JPMorgan turned bearish on the COVID vaccine maker.
Luminar Technologies (LAZR) also plummeted on an analyst downgrade. Meanwhile, Tesla (TSLA) slipped after announcing a recall.
Looking to the upside, Deutsche Bank (DB) represented one of the notable gainers in midday action. The stock rose on upbeat remarks from the firm’s CFO.
Decliners
Novavax (NVAX) suffered a 9% slide in midday trading after the company endured a downgrade from JPMorgan. Citing worries about the firm’s long-term outlook, the firm lowered its rating on the COVID-19 vaccine maker to Underweight from Neutral.
JPMorgan predicted further cuts in the firm’s outlook, as demand for its Nuvaxovid vaccine wanes. The downgrade also came amid concerns about the firm’s balance sheet.
An analyst’s downgrade also put pressure on Luminar Technologies (LAZR). Shares dropped 20% after Northland Securities lowered its rating to Market Perform from Outperform, citing a longer-than-expected runway for the adoption of its LiDAR product.
“While LAZR confirms that it will be production ready by year-end, we believe the adoption of its LiDAR is taking longer than we expected,” Northland stated in a note.
Elsewhere, Tesla (TSLA) also showed midday weakness, weighed down by general market pressure and news of a recall. Shares slipped about 3% on the day.
Elon Musk’s EV maker announced a recall of nearly 1.1M vehicles in the U.S., citing a problem with the product’s window automatic reversal system that may not react correctly after detecting an obstruction.
Gainer
Deutsche Bank (DB) pushed higher in intraday action, buoyed by upbeat comments from the firm’s chief financial officer. The remarks sent the stock higher by about 3%.
Speaking at a conference, CFO James von Moltke said the German bank is on track to reach the high end of its annual revenue guidance. He pointed to strength in its private bank and corporate bank, along with strong results from fixed income trading, for the rosy forecast.
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