Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: FedEx, Anheuser-Busch, Home Depot, Shopify & more
Kraft Heinz – 3G Capital sold 25.1 million shares of the food producer at $28.44 per share, according to a Securities and Exchange Commission filing. 3G owns 245 million shares following that transaction.
Home Depot – Guggenheim Securities downgraded the home improvement retailer’s stock to “neutral” from “buy,” noting a ramp up in the company’s capital spending and expenses next year.
Anheuser-Busch – The beer brewer is re-launching an initial public offering (IPO) for its Asian business, seeking to raise up to $4.84 billion in a Hong Kong listing. It had abandon an earlier attempt at a $10 billion IPO in July.
FedEx – FedEx will raise its rates on January 6, 2020, although it also said it would not apply holiday season residential surcharges this year. The January increases will be an average 4.9% for deliveries using jets, and 5.9 percent for ground transport.
Corning – The glass and optical components maker cut its sales forecast for TV and optical communication cable components, pointing to capital spending cutbacks by several major telecommunications companies.
Sony – Sony rejected a proposal by activist hedge fund Third Point that it spin off its image sensor business. Sony called the unit a “crucial growth driver.”
SeaWorld Entertainment – Sony Chief Executive Officer Gustavo Antorcha is leaving the theme park operator seven months after taking the job. Chief Financial Officer Marc Swanson will serve as interim CEO.
Shopify – Shopify announced plans to raise money with a stock offering of 1.9 million shares. The e-commerce platform company plans to use the money to strengthen its balance sheet.
AT&T – AT&T reportedly pressured employees to create fake DirecTV Now accounts to boost subscribe numbers ahead of its 2018 acquisition of Time Warner. That’s according to a Bloomberg report citing a lawsuit accusing AT&T of misleading investors.
General Motors – GM remains on watch as a strike by United Auto Workers employees continues, though talks between the two sides are ongoing.
Zynga – Stephens named the mobile game maker as a “Best Idea,” saying Zynga is well positioned for an expected consolidation in the mobile gaming market over the next six to 18 months.
Match – Citi rates the dating service operator a “buy” in new coverage, although it also labels the stock “high risk.” Citi said user perception continues to improve and that Match has a compelling opportunity in the international market.