By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, January 6th. Please refresh for updates.
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Apple (NASDAQ:AAPL) stock fell 1.8%, Facebook (NASDAQ:FB) fell 2.3%, Alphabet (NASDAQ:GOOGL) dropped 2%, Netflix (NASDAQ:NFLX) fell 2.3% and Amazon (NASDAQ:AMZN) dropped 1.7%, with these tech giants hit by the increased likelihood of the Democrats taking control of the Senate.
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The change of control is seen as raising the chances of increased regulation, and of higher capital gains taxes, which will disproportionately hit holders of the megacaps that have outperformed the broader index so much in recent years.
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Change Healthcare (NASDAQ:CHNG) stock soared 35% after UnitedHealth (NYSE:UNH), down 2.3%, announced it would buy its rival for $7.84 billion to merge it with its health IT unit. It will pay a premium of 41.2% to Tuesday's closing price.
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Moderna (NASDAQ:MRNA) stock rose 3.3% after the European Medicines Agency on Wednesday recommended the drugmaker’s coronavirus vaccine for use in the European Union. The EU has reportedly ordered 160 million doses of the vaccine from the company.
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Tesla (NASDAQ:TSLA) stock rose 3.2% after Morgan Stanley (NYSE:MS) raised its price target on the electric carmaker’s stock to a Wall Street high of $810, up from $540, following the strong fourth-quarter deliveries.
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Cal-Maine Foods (NASDAQ:CALM) stock rose 5.4% after the fresh egg producer reported a surprise profit in its fiscal second quarter, with sales rising by 4.6% on a year-on-year basis.
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First Solar (NASDAQ:FSLR) stock rose 6.8%, Sunrun (NASDAQ:RUN) climbed 6.7% and SunPower (NASDAQ:SPWR) rose 9.7%, on perceptions that the Democratic Party will now face fewer constraints in pushing its green agenda.
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Bank of America (NYSE:BAC) stock rose 3.4% after Deutsche Bank (DE:DBKGn) called the U.S. bank a “top pick,” citing strong cost controls and solid capital returns.
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Exxon Mobil (NYSE:XOM) stock rose 1.7% and Chevron (NYSE:CVX) climbed 1.7%, helped by the decision of Saudi Arabia to cut its oil production, boosting oil prices.
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AmerisourceBergen (NYSE:ABC) stock rose 4.3% after the drug distributor announced plans to buy Walgreens Boots Alliance (NASDAQ:WBA)'s distribution business, Alliance Healthcare, for $6.5 billion. Walgreens stock rose 2.3%.
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