top of page

Premarket Trading: AstraZeneca, Paramount, Nike and more - Biggest Stock Moves

Lanon Wee

Prior to the opening bell, a number of companies were making headlines. AstraZeneca's stock rose 1.4% following an upgrade to buy from hold by Jefferies, due to positive results of one of their breast cancer therapies being tested in partnership with Daiichi Sankyo. Urban Outfitters and Foot Locker experienced a dip with Jefferies lowering their ratings to hold from buy as potential pullbacks on consumer spending were taken into account. Dow saw its petrochemicals stock increase 1.6%, after JPMorgan upgraded the stock to overweight from neutral and took higher oil prices into perspective. Nike, however, had a drop of 1.6% with a downgrade to hold from buy by Jefferies, citing their wholesale pressures and macro headwinds in China. Oppositely, Citi upgraded Sealed Air to buy from neutral and the food packaging company experienced a 2.7% rise in their stock. Citi also lowered Opendoor Technologies' price target to $2.70 per share from $3.90, which resulted in a 6% drop in their stock, due to the low amount of preexisting homes on the market. Chinese e-commerce stocks were impacted by sentiment regarding China's economy, causing JD.com and PDD Holdings to decrease by 3.1% and 2.3%, respectively. The news of the agreement between writers and studios spurred media companies' stock prices, with Paramount and Warner Bros increasing approximately 2%, and Amazon and Disney rising by 0.8% and 0.6% respectively. On the other hand, HP shares declined 3% after Berkshire Hathaway sold 4.8 million shares (approximately $130million) of the computer company. Lastly, Nio experienced a 6% decline in their U.S-traded stocks after Bloomberg News reported that the Chinese electric vehicle maker was considering raising $3 billion from investors, which they later denied.

0 comments

Commentaires


We help clients solve critical operational, business & financial issues using innovative technologies such as Web3 & Blockchain.

Address:

20 CECIL STREET, #05-03, PLUS, Singapore 049705

2023 Intric Technologies Pte Ltd

bottom of page