Premarket movers: Walgreens, Baidu, Novavax, and others.

Check out the companies making headlines before the bell:

The drug store operator reported an adjusted quarterly profit of $1.59 per share, 19 cents above estimates, with revenue also topping Wall Street forecasts. The comparable pharmacy sales rose 7.3%, driven by the demand for Covid vaccines. Walgreens shares initially rose in the premarket but later lost their gains and ended up in the negative.

The SEC added Baidu and IQ to its list of U.S.-traded China stocks that could be delisted if they don't allow American regulators to review three years' worth of financial audits. As a result, Baidu lost 2.2% in premarket trading, while IQ's shares slid 6.6%.

The drug manufacturer's shares increased by 1.3% in premarket trading after it submitted a request to EU regulators for approval of its Covid-19 vaccine for use in teenagers.

Barclays downgraded AMD from "overweight" to "equal weight," indicating that the semiconductor maker faces cyclical risks in various end markets. AMD dropped 2.2% in premarket trading.

Morgan Stanley downgraded both HPQ and DELL, predicting that companies will shift their spending away from hardware due to macroeconomic uncertainty. HP was downgraded from "equal-weight" to "underweight," while DELL was downgraded from "overweight" to "equal-weight." HP fell 4.5% in premarket trading, while Dell lost 2.6%.

A Western gold mining company is in discussions to sell a Russian mine to a Russia-backed investment firm, Fortiana Holdings, according to sources. This would be the first sale of an asset left behind in Russia by a Western company.

The FDA panel rejected recommending the approval of an experimental ALS drug from Amylyx, stating that the study data did not demonstrate the drug's effectiveness in treating the disease. Despite this, Amylyx's stock price increased by 2.5%.

A Massachusetts judge ruled in favor of Robinhood, determining that the state exceeded its authority when implementing a new fiduciary standard for brokerages operating in the state. The accusation against Robinhood was that it encouraged its customers to take unnecessary risks.

After reporting lower-than-expected quarterly profit and issuing a weaker-than-expected revenue forecast for the current quarter, Expensify tumbled 14.3% in the premarket.