Boeing
Pre-Market:Pre-Market
Pre-Market active stocks
Gainers
- Moderna (NASDAQ:MRNA) stock increased 1.5% after the company disclosed preliminary 2023 COVID vaccination sales of $6.7 billion, above the lower end of its full-year expectation.
- Nvidia (NASDAQ:NVDA) shares increased 0.6% after Reuters reported that the chipmaker plans to begin mass manufacturing of an artificial intelligence chip tailored exclusively for the Chinese market in the second quarter of 2024.
- Abercrombie & Fitch (NYSE:ANF) stock increased 0.3% after the clothing retailer raised its fourth-quarter and year net sales forecasts following strong demand for its apparel brands during the important holiday shopping season.
Losers
- Boeing (NYSE:BA) stock plummeted 7.5% after the Federal Aviation Administration announced the interim grounding of approximately 171 Boeing jets in the aftermath of a 737 Max jet mid-air breach last week.
- Alaska Air (NYSE:ALK) shares fell 5.5% after the airline canceled more than 200 flights in response to the FAA directive, while Spirit AeroSystems (NYSE:SPR) stock fell 18%.
- Regeneron (NASDAQ:REGN) stock slumped 2.8% after the company’s eye medicine Eylea’s fourth-quarter preliminary sales in the United States fell short of forecasts, as its blockbuster product faced competition.
- Shell (LON:SHEL) ADRs declined 0.9% as the oil major announced a $4.5 billion impairment charge in the fourth quarter.
- Merck (NYSE:MRK) stock fell 0.1% after the drugmaker announced a $680 million acquisition of cancer medication developer Harpoon Therapeutics (NASDAQ:HARP), a more than 110% increase, to strengthen its oncology portfolio with immunotherapies.
Stocks in focus
Boeing (IOVA)
Boeing (IOVA) stock was among the most frequently traded prior of the opening bell, dropping more than 7%. Shares of its biggest components supplier, Spirit AeroSystems (SPR), fell more than 14%. The decreases come following a weekend aviation mishap involving a Boeing (NYSE:BA) 737 Max 9 aircraft which saw a door plug break out on an Alaska Airlines (ALK) flight, causing the plane to quickly depressurize. A inquiry is ongoing to analyze the door plug – which is produced and fitted by Spirit (SPR) – and the U.S. Federal Aviation Administration temporarily grounded 171 Boeing (BA) 737 Max 9 planes globally.
Crocs (CROX)
Shares of Crocs (CROX) soared ~9% in pre-market trade, after the footwear producer boosted up its full-year sales outlook which also came in above expectations. Ahead of a presentation at the ICR Conference in Orlando, Fla., Crocs (CROX) said it forecasts record 2023 sales of around $3.95B, beyond a prior range of $3.91B to $3.94B and a consensus projection of $3.93B. CROX top boss Andrew Rees remarked that “2023 was a strong year” for the firm that “culminated in a successful holiday season with market share gains” in both its flagship Crocs brand and HeyDude.
Harpoon Therapeutics (HARP)
Harpoon Therapeutics (HARP) shares more than doubled in value ahead of market open, soaring around 110%. The gain occurred after healthcare company Merck (MRK) stated it would purchase Harpoon (HARP) through a subsidiary for $23/share in cash in a deal with a total equity value of roughly $680M. MRK stock was flat. The purchase will help Merck (MRK) to extend its oncology pipeline through HARP’s experimental medicine HPN328 which is being investigated for the treatment of small cell lung cancer and neuroendocrine tumors.
Johnson & Johnson (JNJ)
Merger and acquisitions activity in the healthcare industry was bustling on Monday, with pharmaceutical giant Johnson & Johnson (JNJ) also announcing a transaction. J&J (JNJ) stated it will purchase Ambrx Biopharma (AMAM) in an all-cash transaction valued at around $2B. AMAM shares nearly doubled in value in pre-market trade, rocketing around 99%, while JNJ was marginally lower. The purchase will add AMAM’s portfolio of clinical and pre-clinical initiatives using antibody drug conjugates.
WEEKLY EARNINGS CALENDAR
Monday, JAN 08
Accolade (ACCD), Helen of Troy (HELE), Jefferies (JEF)
Tuesday, JAN 09
Acuity Brands (AYI) Albertsons (ACI) AZZ (AZZ) Neogen (NEOG) PriceSmart (PSMT SMART) Global SGH TD Synnex (SNX) Tilray (TLRY) WD-40 (WDFC)
Wednesday, JAN 10
KB Home (KBH)
Friday, JAN 12
Wells Fargo (WFC) Bank of America (BAC) BlackRock (BLK) BNY Mellon (BK) Citigroup (C) Delta Air Lines (DAL) JPMorgan Chase (JPM) UnitedHealth (UNH)
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Airbnb suffers as a result of KeyBanc’s downgrade
Airbnb (NASDAQ:ABNB) shares were down nearly 3% in premarket trading Tuesday after KeyBanc downgraded the business from Overweight to Sector Weight.
Following the split, WK Kellogg began at Sell.
Following the conclusion of Kellogg Company’s (NYSE:K) spinoff of its North American cereal division into the WK Kellogg standalone entity, Goldman Sachs commenced coverage on WK Kellogg (NYSE:KLG) with a Sell rating and a price target of $11.00.
WK Kellogg’s stock dropped significantly on the first day after the spinoff, closing more than 9% down on Monday.
Nortfolk Southern and Bread Financial have been downgraded.
Norfolk Southern (NYSE:NSC) shares fell more than 2% on Monday after BofA Securities downgraded the firm to Neutral from Buy and reduced its price objective to $215.00 from $266.00, citing operational difficulties and excessive costs.
Bread Financial (NYSE:BFH) has been downgraded to Sell from Neutral by Goldman Sachs, with a $32 price target. As a result, shares dropped about 2% on Monday.
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ell suffers as a result of a downgrade by Barclays.
Dell Technologies (NYSE:DELL) shares tumbled 3% before the bell on Thursday after Barclays downgraded the firm to Underweight from Equalweight, with a $53.00 price target.
Cloudflare began at Underperform.
Cloudflare (NYSE:NET) has been added to BofA Securities’ coverage with an Underperform rating and a $52.00 price objective.
Crocs (NASDAQ:CROX) shares were down more than 2% in pre-market trading today after B.Riley downgraded the firm to Neutral from Buy and reduced its price objective to $101.00 from $125.00.
Verint Systems (NASDAQ:VRNT) was downgraded from Outperform to Perform by Oppenheimer.
Following the company’s announced Q2 EPS and sales misses, as well as dismal full-year forecasts, shares fell more than 17% pre-market today.