Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: Boeing, Alibaba, Apple, Blackstone, Tesla & more
Boeing (BA) – Boeing’s 737 Max jet has been taken off flight schedules for both American Airlines (AAL) and Southwest Airlines (LUV) until early March, as they await the return to service of the still-grounded jet.
Alibaba (BABA) – Alibaba is on pace to post record sales for its Singles’ Day event, although the pace of year-to-year growth is seen as likely to fall short of year-ago levels. This is the 11th year the China-based e-commerce retailer has held the event.
Apple (AAPL) – Apple’s newly launched Apple Card is being accused of gender discrimination by the algorithm that determines credit limits. Goldman Sachs (GS), which partners with Apple in issuing the card, released a statement saying it does not make decisions on factors like gender.
Blackstone (BX) – Blackstone took a majority stake in MagicLab, the parent company of dating apps “Bumble” and “Badoo.” The private-equity firm’s investment values MagicLab at about $3 billion.
Amazon.com (AMZN) – Amazon executive Steve Kessel is leaving the online retail giant after 20 years. Kessel is a senior vice president who has worked on both Amazon’s Kindle e-reader and its brick and mortar Amazon Go stores.
Xerox (XRX) – Xerox is offering computer and printer maker HP Inc. (HPQ) four weeks of mutual due diligence, according to a Bloomberg report. HP acknowledged last week that Xerox had approached it about a possible business combination.
Chewy (CHWY) – Chewy was rated “outperform” in new coverage at Credit Suisse, saying the online pet products seller is well-positioned in a robust pet care industry.
Tesla (TSLA) – Jefferies raised its price target on the automaker’s stock to $400 per share from $300 a share, noting gross margin levels that are consistent with sustained profitability.
Bank of New York Mellon (BK) – The bank’s stock was upgraded to “buy” from “neutral “at UBS, which notes a stabilization in net interest income as well as improved cost controls.
Cisco Systems (CSCO) – The networking equipment maker’s stock was downgraded to “neutral” from “overweight” at Piper Jaffray, which points to a slowing macro environment in Cisco’s markets as well as the lack of any near term catalyst for the stock.
Bellring Brands (BRBR) – The maker of Power Bar and other nutrition products was rated “overweight in new coverage at Morgan Stanley, with a price target of $21 a share. The stock went public at $14 per share last month.