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May 28, 2019

Market Insider | Stocks making the biggest moves premarket: Fiat Chrysler, Uber, Alibaba, Beyond Meat & more

Peter Schacknow

Check out the companies making headlines before the bell:

Fiat Chrysler — Fiat Chrysler is seeking a merger with French automaker Renault, in a deal that would see each side take a 50% stake in a merged entity. The proposal would create the world’s third largest automaker by production.
Uber — Uber announced that Ryan Graves has resigned from its board of directors. Graves was the first employee hired by Uber and briefly served as the ride-hailing company’s CEO.
Alibaba — The China-based e-commerce giant is considering a listing in Hong Kong that would raise as much as $20 billion, according to Reuters.
Nasdaq — Nasdaq has pulled out of the bidding for Norway’s Oslo Bors, after Norway rejected Nasdaq’s argument that the stock exchange takeover should not be allowed if less than a two-thirds stake was bought. Euronext is now the only bidder, after receiving approval for its bid for more than 50% of the exchange.
Teva Pharmaceutical — The drugmaker agreed to an $85 million settlement with the state of Oklahoma over claims it was among the parties responsible for the state’s opioid crisis. A trial is set to begin today in which Johnson & Johnson  will face a similar accusation
Molson Coors — Molson Coors won a partial victory in its legal dispute with rival beer brewer Anheuser-Busch InBev. A court ruled that Bud Light commercials could not claim that Molson’s MillerCoors unit used corn syrup in its light beers.
Meredith Corp. — Meredith struck a deal to sell Sports Illustrated magazine for $110 million to licensing company Authentic Brands Group. However, Meredith will still publish the iconic publication and manage its website.
Global Payments — Global Payments and Total Systems Services have agreed to an all-stock merger of equals. The two payment technology companies expect the transaction to close during the fourth quarter.
Beyond Meat — J.P. Morgan Securities initiated coverage of the plant-based burger company with an “overweight” rating and a $97 per share price target, noting an “extraordinary” growth opportunity in a market it thinks will expand by 100 times from current levels over the next 15 years.
Activision Blizzard — Goldman Sachs upgraded the videogame producer to “buy” from “neutral” and added the stock to the “Conviction Buy” list, noting the potential positive impact of new and upcoming content.
Southwest Airlines — Evercore downgraded Southwest to “in-line” from “outperform”, pointing to the negative impact that the grounding of Boeing’s 737 MAX jet has had on the air carrier.

Source: CNBC

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