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Pfizer, Merck, Palantir, FuboTV - Wednesday's Premarket Movers

Stocks moving in premarket trading on Wednesday include Pfizer, Walmart, Merck and Palantir.

Stock futures rose Wednesday as investors looked past President Donald Trump's criticism of the $900 billion coronavirus relief package just passed by Congress. 

Here are some of the top movers during premarket trading on Wednesday.

1. Pfizer PFE | Up 0.73%

Shares of Pfizer  (PFE) - Get Pfizer Inc. Report were rising Wednesday as the drugmaker signed a deal with the U.S. government to provide 100 million more doses of its Covid-19 vaccine for Americans by July.

The Food and Drug Administration on Dec. 11 gave emergency-use authorization for a coronavirus vaccine developed by Pfizer and its German partner BioNTech  (BNTX) - Get BioNTech SE Report.

2. Walmart WMT | Down 0.42%

Shares of retail giant Walmart  (WMT) - Get Walmart Inc. Report dropped Wednesday a day after the Justice Department sued the company for its role in the opioid crisis.

The suit alleges Walmart "unlawfully dispensed controlled substances from pharmacies it operated across the country."

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Walmart said the government's lawsuit was "riddled with factual inaccuracies and cherry-picked documents taken out of context."

3. Merck MRK | Up 0.5%

Shares of Merck  (MRK) - Get Merck & Co., Inc. Report rose in premarket trading after it signed a $350 million agreement with the U.S. government to supply its developing coronavirus treatment as part of Operation Warp Speed.

4. Palantir PLTR | Up 2.07%

Shares of Palantir  (PLTR) - Get Palantir Technologies Inc. Class A Report rose after the security and analytics software provider signed a new two-year contract with the U.K. National Health Service valued at an estimated $31.5 million.

5. FuboTV FUBO | Down 7.9%

Shares of television streaming service fuboTV  (FUBO) - Get fuboTV Inc. Report dropped on Wednesday after it received a valuation downgrade from BMO Capital Markets

FuboTV's rating dropped to market perform from outperform.

Analyst Daniel Salmon said Fubo offers "a more promising path to profitability than most new investors expect," but secular and execution tailwinds are already included at this valuation.

He raised his price target on the stock to $50 from $33.