Take a look at some of the biggest movers in the premarket:
Levi Strauss (LEVI) – Levi Strauss reported quarterly earnings of 8 cents per share, compared to expectations of a 22 cents per share loss. The apparel maker’s revenue also beat Wall Street forecasts, helped by a 52% jump in online sales.
United Airlines (UAL), American Airlines (AAL), Delta Air Lines (DAL), Southwest (LUV) – These and other airline stocks may benefit from the president’s call for standalone aid to the airline industry. JetBlue (JBLU) may also get a boost from a double upgrade at J.P. Morgan Securities to “overweight” from “underweight,” based on an upbeat longer-term forecast.
Alphabet (GOOGL), Facebook (FB). Amazon.com (AMZN) – The tech giants were all accused of abusing their market power in a new report from a House Judiciary subcommittee. The report calls for significant reform but did not specifically say any of the companies should be broken up.
Boeing (BA) – The Federal Aviation Administration issued new proposed training procedures for Boeing’s grounded 737 Max jet, a key step in the jet’s return to service. The proposals will be open for public comment until Nov. 2 before being finalized.
AT&T (T) – AT&T is pushing ahead with an auction of its DirecTV unit despite lower-than-expected bids, according to a source who spoke to the New York Post. The first round of bids is said to value the unit at well below $20 billion, compared to the $49 billion paid by AT&T five years ago.
DraftKings (DKNG) – A secondary stock offering by the sports betting company was priced at $52 per share, according to a Securities and Exchange Commission filing. That compares to Tuesday’s closing price of $56.78.
Tesla (TSLA) – Tesla told workers in an email that an employee “maliciously sabotaged” part of its Fremont, California factory last month, according to a Bloomberg report. The worker was fired after an internal investigation.
Netflix (NFLX) – Pivotal Research raised its price target on Netflix to a Street-high $650 per share, based on accelerating cord-cutting trends and the view that Netflix is likely to remain the dominant global player in the streaming video-on-demand market.
Sirius XM (SIRI) – The satellite radio operator is close to signing a new deal with Howard Stern which would pay the radio host about $120 million per year, according to sources who spoke to Bloomberg. Sirius XM also announced a 10% dividend increase. Additionally, Credit Suisse upgraded the stock to “outperform” from “neutral,” based on what it calls “surprisingly” better-than-expected results.
McDonald’s (MCD) – The restaurant chain added new baked goods to its core menu, the first such addition in eight years. McDonald’s will now sell apple fritters, blueberry muffins and cinnamon rolls as part of its all-day menu.
Molson Coors (TAP) – Guggenheim named the beer brewer’s stock as its “Best Idea,” replacing PepsiCo (PEP), while reiterating a “buy” rating. Guggenheim said the company’s seltzer products will add 3% to 4% to top-line growth and also pointed to the stock’s favorable risk-reward profile.
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