Finance

Stocks making the biggest moves in the premarket: Alibaba, JD.com, Occidental Petroleum, Chevron and more

Take a look at some of the biggest movers in the premarket:

Alibaba (BABA), JD.com (JD) – The e-commerce stocks were among China-based companies taking a hard hit on concerns about U.S. delistings, as well as the impact of new Covid-19 outbreaks in the Chinese tech hub of Shenzhen. Alibaba fell 4.7% in the premarket while JD.com sank 5.1%.

Occidental Petroleum (OXY), Chevron (CVX) – The energy stocks were downgraded to “equal-weight” from “overweight” at Morgan Stanley, which notes that both have outperformed peers in recent months and now offer less attractive relative valuations. Occidental fell 3.3% in the premarket while Chevron slid 2.4%. Both are also moving lower in step with the drop in crude prices this morning.

Lockheed Martin (LMT) – The defense contractor’s shares gained 1.6% in premarket trading after sources told Reuters that Germany would purchase up to 35 of Lockheed’s F-35 fighter jets.

Coupang (CPNG) – Softbank’s Vision Fund sold $1 billion of its stake in the South Korean software company, according to a regulatory filing. The sale of 50 million shares still leaves the fund with 461.2 million Coupang shares. The stock slipped 1.2% in premarket trading.

Ford Motor (F) – Ford is forecasting a 12% drop in U.S. sales this year, according to a report in Automotive News, citing people present at a meeting with dealers. The publication said Ford has lost 100,000 units of production so far this year due to parts shortages. Despite that news, Ford added 1% in premarket action.

Berkshire Hathaway (BRK.B) – Berkshire is urging the rejection of four shareholder proposals, including the replacement of Warren Buffett as chairman and a proposal that Berkshire report on its plans to handle climate risk. Berkshire added 1% in the premarket.

Rio Tinto (RIO) – Rio shares fell 2.9% in premarket trading after the mining company offered to buy the 49% of Canada’s Turquoise Hill that it doesn’t already own for about $2.7 billion. The price is a more than 32% premium to Turquoise Hill’s Friday close.

Tyson Foods (TSN) – The beef and poultry producer’s stock slipped 1% in premarket action after BMO Capital Markets downgraded it to “market perform” from “outperform.” BMO cites valuation, noting that Tyson has materially outperformed the S&P 500 over the past year, as well as the potential for lower beef margins.

Products You May Like

Articles You May Like

3 Ways the Inflation Reduction Act Could Impact Your Taxes
Here’s why pumpkin spice lattes are so popular: It’s ‘very simple economics,’ say the experts
Boeing to pay $200 million to settle charges over misleading investors after 737 Max crashes
McDonald’s owners group says company rejected request to delay big changes to franchise system
How Bryan Lourd became one of the most powerful people in the history of Hollywood