Stocks making the biggest moves premarket: AT&T, SpaceX, Moderna, Deckers, Bloom Energy and more

Moderna fell 5.7% Friday after dropping 25% Thursday following a leak of partial data on its cancer vaccine with Merck; the full data released Thursday was described as meaningful for patients and positive versus expectations. Deckers slid 6.7% after fiscal Q2 revenue of $1.43B missed the $1.51B consensus, while Bloom Energy fell 2.5% despite an earnings beat and higher FY2026 EPS guidance, as negative quarterly free cash flow concerned investors. A report of SpaceX talks to lease 80,000 cell towers pressured AT&T (-4.2%), T-Mobile (-4.3%) and Verizon (-3.6%), while Crown Castle rose 7.6% and American Tower 5.5%; SpaceX also received a double upgrade to buy from sell with a $250 price target, up from $75.

Analysis

Positioning and competitive dynamics: Moderna’s selloff looks more like a credibility/positioning shock than a clean read-through on the vaccine: the full dataset was described as positive, but clinical significance, durability, safety, and commercial scope still need independent review. Merck’s exposure is also not equivalent to Moderna’s; any value depends on the collaboration’s economics and eventual uptake, not the headline response alone. For telecoms, a credible new entrant could pressure AT&T, T-Mobile, and Verizon on pricing and retention, but tower leasing would initially create a demand tailwind for Crown Castle and American Tower. The reported talks are not a signed buildout, and satellite coverage does not by itself establish a competitive nationwide service or economics.

Catalysts and risks: Over days, biotech volatility and telecom headline reversals dominate. Over 1–3 months, watch full clinical details and evidence of tower agreements, spectrum/service plans, and launch economics. Over 6–18 months, carrier churn, pricing, and tower tenancy—not the existence of talks—would determine structural winners. Deckers’ miss raises a brand-demand and execution question across HOKA and UGG; channel checks and forward guidance matter more than one quarter. Bloom Energy’s raised EPS outlook conflicts with negative quarterly free cash flow: separate working-capital timing from recurring cash consumption before treating the selloff as an entry.

Contrarian view: The market may be overpricing immediate telecom disruption while underweighting the execution hurdles; tower landlords may benefit before carriers face material revenue loss. Conversely, a positive clinical headline does not settle Moderna’s commercial value, and an analyst upgrade is not independent evidence that SpaceX’s AI business supports its valuation.

Key Decisions for Investors

• Avoid chasing the initial telecom move. Keep CCI/AMT on a conditional relative-value watch against T/VZ/TMUS; add tower exposure only if reported talks become contracted leases, and reconsider if no agreement or credible carrier economics emerge over the next 1–3 months.
• Keep MRNA and MRK event-risk sized modestly rather than buying the dip on headline interpretation. Reassess after reviewing endpoint effect size, durability, safety, and collaboration economics; those details could reverse the market’s read-through in either direction.
• Underweight DECK pending brand-level sell-through and revised forward guidance. A stabilization in HOKA/UGG demand and inventory would falsify the near-term caution; further guidance deterioration would strengthen it.
• Treat BE as a watch, not an automatic buy or short: verify the drivers of negative free cash flow (working capital, capex, or operating cash generation) and whether full-year guidance is supported by cash conversion. For SPCX, treat the broker upgrade as a sentiment catalyst, not a valuation anchor; seek independently verifiable AI revenue and profitability before acting.