NVAX - Hot Stocks: NVAX HPE PSTG retreat on downgrades; CVET rallies on takeover bid

Bearish notes from Bank of America influenced investors in Friday's midday trading. Cautious commentary prompted selling in Novavax (NASDAQ:NVAX), Hewlett Packard Enterprise (HPE) and Pure Storage (PSTG). Looking at one of the day's notable gainers, Covetrus (CVET) posted a double-digit advance in intraday action, carried higher by a takeover bid. Decliners Novavax (NVAX) dropped about 8% in intraday trading, dragged down by a bearish opinion from Bank of America. The firm initiated coverage of the COVID vaccine maker at an Underperform rating. This represented the only Sell-equivalent rating on Wall Street. In making its recommendation, BofA pointed to a downbeat forecast for COVID booster use. Looking to another industry, Bank of America's comments also sparked selling in Hewlett Packard Enterprise (HPE) and Pure Storage (PSTG). Both stocks dropped following BofA downgrades. Analyst Wamsi Mohan cut the names to Neutral from Buy, citing macro concerns facing storage companies. These include the

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Hot Stocks: NVAX, HPE, PSTG retreat on downgrades; CVET rallies on takeover bid