BofA (BAC) analysts restarted their coverage on 11 large-capitalization pharmaceutical and biotech firms. The bad news was that it issued bearish ratings on Moderna (MRNA), Regeneron (REGN), and Amgen (AMGN).
BofA said that it was a tough time for Moderna to be a vaccine company. MRNA stock lost 9.07% on Tuesday after the rating. Unless people take Covid vaccines, Moderna will likely report disappointing revenue in its next earnings report.
In the AI server sector, Super Micro Computer (SMCI) dropped by 8.2%. It is at risk of losing its uptrend momentum when shares bottomed out at below $20. SMCI’s CEO, Charles Liang, told Reuters that he had confidence that Nasdaq (QQQ) will not delist its shares.
SMCI may easily avoid delisting if it simply files its quarterly and annual reports. The firm said it expects to file the required reports by February 25, 2025. Until then, SMCI stock is not for investors. Its daily price change is at the mercy of traders.
Resource firm US Steel (X) dropped by 9.68% to close at $35.26. President Biden is reportedly planning to block Japan’s Nippon Steel from acquiring it. Biden is citing national security concerns.
Beware of X and Cleveland-Cliffs (CLF) stock. In the next down cycle, both firms may require a government bailout.