- Even after a massive rally, analysts still see more upside for Biogen (NASDAQ:BIIB) following a crucial drug approval. Meanwhile, meme stocks remain in the spotlight as the market prepares to open Tuesday. This time, Clover Health (NASDAQ:CLOV) and Wendy's (NASDAQ:WEN) are getting attention from the online meme world. Tesla (NASDAQ:TSLA) is also making news, with a key executive departure and strong China sales. Finally, COUP, MRVL, and SFIX are all moving on earnings news.
- Wall Street remains in love with Biogen, even after the nearly 40% rally on Monday that followed the FDA approval of the company's new Alzheimer's drug. Citigroup, Robert W. Baird and Atlantic Equities all upgraded the stock.
- Add Clover Health (CLOV) to the list of recent meme stocks. Shares of the Medicare Advantage insurer have popped about 35% in pre-market action, adding to a gain of more than 30% on Monday.
- That's not the only meme rally taking place before the bell on Tuesday. Fast-food chain Wendy's (WEN) is seeing its stock jump nearly 20% on interest from the WallStreetBets subReddit.
- Fastly (NYSE:FSLY) saw its shares dip in pre-market trading after it was identified as the source of an outage that shut down many high-profile websites. CNN, New York Times, Bloomberg, and Twitch were among the sites impacted. Fastly says it has identified the problem and is implementing a fix.
- Meanwhile, a surprise departure from Tesla (TSLA) is drawing attention on Tuesday. The company revealed in an SEC filing that Jerome Guillen has left the company. He was named president of heavy trucking in March.
- More news from Tesla -- the company said sales of its China-made electric cars climbed 29% in May.
- Coupa Software (NASDAQ:COUP) lost ground in pre-market action after the company released earnings results and announced a change in its financial leadership. The company announced a surprise profit for the latest quarter and reported revenue that rose 40% to $167 million.
- Meanwhile, Coupa shook up the top level of its finance department. CFO Todd Ford will become president of finance and operations and chief accounting officer Tony Tiscornia has been promoted to CFO.
- Stitch Fix (NASDAQ:SFIX) jumped before the bell following its earnings report. The company's quarterly loss was narrower than analysts expected.
- Marvell Technology (NASDAQ:MRVL) also got a boost from its earnings release. Earnings topped expectations on revenue that rose 20% from last year. The company recently closed an acquisition of Inphi.