FedEx, Avis and PayPal rise premarket; Palantir falls

Investing.com -- Stocks in focus in premarket trade on Tuesday, June 20th. Please refresh for updates.

• FedEx (NYSE: FDX) stock rose 0.5% ahead of the delivery giant’s quarterly results, with investors looking to see whether cost cuts will help it catch up with rival United Parcel Service (NYSE: UPS) on the margin front.

• Boeing (NYSE: BA) stock rose 0.1% after the head of Boeing Commercial Airplanes said Sunday the aircraft manufacturer expects to increase production of its best-selling 737 MAX to 38 jets a month "pretty soon."

• NiSource (NYSE: NI) stock rose 0.4% after the utility firm agreed to sell a 19.9% equity interest in its unit NIPSCO for $2.15 billion to asset manager Blackstone's (NYSE: BX) infrastructure unit.

• Palantir (NYSE: PLTR) stock fell 2.1% after Raymond James downgraded its stance on the data analytics company to ‘outperform’ from ‘strong buy’, citing its "premium" valuation after a strong run since its first-quarter print.

• Alibaba (NYSE: BABA) ADRs fell 2.3% after the Chinese e-commerce giant announced that CEO Daniel Zhang will step down, in order to concentrate on the company’s cloud intelligence business.

• Avis (NASDAQ: CAR) stock rose 4.1% after Morgan Stanley upgraded the budget car rental company to ‘overweight’ from ‘equal weight’, saying the stock is likely to add to the already strong gains seen this year.

• PayPal (NASDAQ: PYPL) stock rose 2% after the payments company said investment firm KKR (NYSE: KKR) will purchase up to €40B (€1 = $1.0930) of its buy now, pay later loans in Europe.

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