AstraZeneca — Shares rose 1.4% after Jefferies upgraded the stock to buy from hold. The upgrade comes after one of its breast cancer therapies, in joint development with Daiichi Sankyo, came out with positive results in a late-stage trial on Friday.
Urban Outfitters, Foot Locker — Shares of Urban Outfitters fell 4%, while Foot Locker slid 2.9% before the bell after Jefferies downgraded the stocks to hold from buy. Jefferies said the companies could be affected by pullbacks on consumer spending.
Dow — Shares of the petrochemicals company rose 1.6% on Monday during premarket trading. JPMorgan upgraded the stock to overweight from neutral, citing potential upside from higher oil prices.
Nike — The athletic retailer slipped 1.6% after a downgrade from Jefferies to hold from buy. The firm cited wholesale pressures and macro 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. Citi cited the low number of preexisting homes on the market as a reason to be concerned about Opendoor. Because the stock trades at less than $3 per share, small moves in nominal terms can appear as large percentage changes.
Chinese e-commerce stocks — U.S.-traded shares of JD.com and PDD Holdings lost 3.1% and 2.3%, respectively, as sentiment around China’s economy worsened. A senior central bank member said the country has limited room for further monetary easing, calling for structural reforms to the economy.
Media stocks — Media companies saw their shares rise after writers and studios reached a preliminary labor agreement. Paramount and Warner Bros Discovery each rose about 2%. Shares of Amazon and Disney also ticked up, 0.8% and 0.6%, respectively, on the news.
HP — Shares of the computer company fell about 3% after Berkshire Hathaway sold 4.8 million shares, or approximately $130 million, of HP.
Sealed Air — The food packaging company jumped 2.7% after Citi upgraded shares to buy from neutral. Analyst Anthony Pettinari cited a discounted valuation relative to historical averages and the potential for material portfolio transformation actions.
Nio — The U.S.-traded shares of the Chinese electric vehicle maker fell nearly 6%. Earlier in the day, Bloomberg News reported the company was considering raising $3 billion from investors. Nio later denied the report.
© OfficialAffairs
