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Premarket movers — Lordstown, Novavax, Riot Blockchain

Premarket movers — Lordstown, Novavax, Riot Blockchain
Business
Lordstown Motors (RIDE) was falling after the electric-truck maker said Chief Executive Steve Burns would step down following an independent investigation into allegations made by short-seller Hindenburg Research that called the company a “mirage.” Chief Financial Officer Julio Rodriguez will also step down.

Novavax (NVAX) surged after the biotech said that its NVX-CoV2373 coronavirus vaccine candidate passed a 90 per cent efficacy rate in late-stage trials and that it planned to seek regulatory clearance in coming months. Its efficacy rate against “predominantly circulating” variants, Novavax said, was around 93 per cent.

Riot Blockchain (RIOT) , Coinbase Global (COIN) and other cryptocurrency-focused stocks traded higher. The price of Bitcoin jumped after Tesla (TSLA) CEO Elon Musk said the electric-vehicle producer would allow transactions in the cryptocurrency once it is more cleanly mined.

Ferrari (RACE) slipped after Goldman Sachs downgraded the sports-car icon to sell from buy with a $207 price target. Analyst George Galliers said that Ferrari wouldn’t benefit significantly from a sequential improvement in global production over the next 12 to 18 months as semiconductor shortages ease, according to the Fly.

Corsair Gaming (CRSR) surged after the company received significant attention on the Reddit’s r/WallStreetBets forum. The designer of PC- or console-based gaming and esports hardware for enthusiasts began trading publicly in September.
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