Tesla, WeWork, Alibaba and more

0
0
Our target is to take our local communities to the worldwide audience. Submit your story and we will help you to build your audience. Thank you Roots News Team

Dow futures rise slightly as Wall Street tries to build on its best week since June

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

Tesla (TSLA) – Tesla fell 2.5% in the premarket after cutting Model 3 and Model Y prices in China by up to 9%. The price cuts come amid signs of softening demand in China. Chinese EV makers are also seeing their shares under pressure, with Nio (NIO), down 10.4%, XPeng (XPEV), losing 11.3% and Li Auto (LI), falling 10.3%.

WeWork (WE) – The office-sharing company’s stock jumped 3.8% in the premarket after Cantor Fitzgerald rated it “overweight” in new coverage. Cantor notes that $2.7 billion in expenses have already been removed through cost cuts and optimizing the company’s real estate portfolio.

Alibaba (BABA) – Alibaba tumbled 12.3% in premarket trading after the release of weaker-than-expected China GDP data. The Chinese e-commerce giant saw the price of its US ADRs dip below their 2014 IPO level of $68 per share.

China Tech Stocks – China-based tech stocks are under pressure after President Xi secured a third leadership term, leading to speculation of a continued crackdown on the country’s tech sector. Among shares that trade in the U.S., JD.com (JD) tumbled 15.9% in the premarket, Baidu (BIDU) slid 12.7% and Tencent Music (TME) fell 11%.

Royal Philips (PHG) – Royal Philips fell 2.2% in premarket action after reporting a bigger-than-expected loss, with the Dutch medical equipment maker also saying it would be cutting 4,000 jobs, or about 5% of its workforce. Its results were hurt by supply chain issues as well as a sizeable recall of a sleep apnea device.

Myovant Sciences (MYOV) – Myovant jumped 8.1% in the premarket after the drugmaker agreed to be bought by a subsidiary of majority shareholder Sumitomo Pharma for $27 per share. That price is 10% above a prior offer by Sumitomo, which already owns 52% of Myovant.

ServiceNow (NOW) – ServiceNow added 2.5% in premarket trading after Guggenheim upgraded the stock to “buy” from “neutral.” The firm says the digital workflow software company has “admirable” profit margins and a dependable customer base.

Medtronic (MDT) – The medical equipment maker announced plans to spin off its patient monitoring and respiratory interventions unit into a separate company. Medtronic added 1% in premarket trading.

Williams-Sonoma (WSM) – The housewares retailer’s stock was downgraded to “underperform” from “hold” at Jefferies, which sees the shares underperforming under a more difficult economic environment. Williams-Sonoma fell 2.5% in premarket action.



Source by [author_name]

Our target is to take our local communities to the worldwide audience. Submit your story and we will help you to build your audience. Thank you Roots News Team

LEAVE A REPLY

Please enter your comment!
Please enter your name here

6 + 5 =