Striking members of the Writers Guild of America picket with striking members of SAG-AFTRA, the Actors Guild, outside Paramount Studios in Los Angeles, September 18, 2023.
Mario Tama | getty images
Check out the companies making headlines before the bell rings.
AstraZeneca – Shares rose 1.4% after Jefferies upgraded the stock to buy from hold. The upgrade comes after one of its breast cancer treatments in joint development with Daiichi Sankyo reported positive results in late-stage trials on Friday.
urban Outfitters, foot Locker – Shares of Urban Outfitters fell 4%, while Foot Locker fell 2.9% before the bell after Jefferies downgraded the stock from buy to hold. Jefferies said companies could be hit by a slowdown in consumer spending.
dow Shares of the petrochemicals company rose 1.6% during premarket trading on Monday. JPMorgan upgraded the stock to overweight from neutral, citing potential upside from higher oil prices.
Nike — The athletic retailer slipped 1.6% after Jefferies downgraded it to hold from buy. The company cited wholesale pressure and broader headwinds in China.
Opendoor Technologies – Shares of the real estate company fell more than 6% after Citi cut its price target on Opendoor to $2.70 per share from $3.90. The City cited the low number of homes already on the market as one reason for concern about Opendoor. Because the stock trades for less than $3 per share, small moves in nominal terms can appear as large percentage changes.
Chinese E-Commerce Stocks – US-Traded Shares JD.com And PDD Holdings They fell by 3.1% and 2.3% respectively due to worsening sentiment about China’s economy. A senior member of the central bank said that the scope for monetary easing in the country is limited, hence there is a need for structural reforms in the economy.
Media Stocks – Shares of media companies saw a rise after writers and studios reached preliminary labor agreements. of great quality And warner bros discovery Each increased by about 2%. shares of Amazon And disney On news also increased by 0.8% and 0.6% respectively.
Himachal Pradesh – Shares of the computer company fell by about 3% Berkshire Hathaway sold 4.8 million shares of HP, or about $130 million.
Vacuum – The food packaging company jumped 2.7% after Citi upgraded shares to buy from neutral. Analyst Anthony Pettinari cited the discounted valuation relative to historical averages and the potential for material portfolio transformation works.
NIO – U.S.-traded shares of the Chinese electric vehicle maker fell nearly 6%. Earlier in the day, Bloomberg News reported that the company was looking to raise $3 billion from investors. Nio later denied the report.
— CNBC’s Alex Haring and Jesse Pound contributed reporting.
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