ACHR - Biggest stock movers today: MicroVision UnitedHealth and more

2023-06-14 05:57:16 ET

U.S. stock index futures are inching up this morning ahead of a key meeting of the FOMC . Following 10 consecutive hikes, the Fed is widely expected to keep its benchmark rate unchanged at 5.0%-5.25% after headline CPI data for May came in softer than expected. Here are some of the biggest gainers and losers on Wall Street on Wednesday.

Biggest stock gainers

Archer Aviation ( ACHR ) jumped 8% premarket after FAA administrator Billy Nolen, who is characterized as a "strong advocate for the eVTOL aircraft industry," joined the company . "Together, we will shape the future of transportation and make sustainable, efficient air travel a reality," Archer CEO Adam Goldstein declared after the announcement.

Building on an advance in the prior session, Novavax ( NVAX ) climbed 4.5% premarket ahead of an FDA advisory committee meeting that will discuss updating COVID shots for XBB variants. Recently, the FDA revoked authorization for the jab developed by Johnson & Johnson, leaving Novavax as the only non-MRNA-focused vaccine developer against COVID.

Chinese EV makers like Li Auto ( LI ) rose 4.5% in premarket trade as the IEA forecast that oil demand would peak this decade. From the report: "In particular, the use of oil for transport fuels is set to go into decline after 2026 as the expansion of electric vehicles, the growth of biofuels and improving fuel economy reduce consumption." XPeng ( XPEV ) and Nio ( NIO ) also advanced 3% .

Biggest stock losers

MicroVision ( NASDAQ: MVIS ) slid 13.2% premarket after the company announced a $75M public offering of its common stock . Net proceeds from the capital raise are earmarked for general corporate purposes, and will be subject to market and other closing conditions.

UnitedHealth ( NYSE: UNH ) is down 4% in early trade on fears of higher costs for health insurers. "We're seeing that more seniors are just more comfortable accessing services for things that they might have pushed off a bit like knees and hips," CEO Tim Noel said at a Goldman Sachs investor conference. Rivals like Humana ( HUM ) and Cigna ( CI ) are also off 4% and 2% , respectively.

Taking a tumble in premarket action, Logitech ( LOGI ) fell 9.4% on word that Bracken Darrell, president and CEO, would depart the company . Board member Guy Gecht has been appointed as interim CEO, as the firm conducts a global search of internal and external candidates for the role.

For further details see: