Tesla, Meta Platforms, Alibaba Fall Premarket; Walmart, WeWork Rise
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, October 24th. Please refresh for updates.
Tesla (NASDAQ: TSLA) stock fell 2.2% after the electric car manufacturer cut starter prices for its Model 3 and Model Y cars by as much as 9% in China, amid signs of softening demand in the world's largest auto market.
Walmart (NYSE: WMT) stock rose 0.5% after the retail giant announced plans to relaunch its best-selling intimates and sleepwear line, replacing Secret Treasures with Joyspun as it overhauls one of its most popular apparel lines.
Meta Platforms (NASDAQ: META) stock fell 1.1% after Bank of America downgraded its stance on the Facebook-owner to ‘neutral’ from ‘buy’, citing potential power advertising spending.
Alibaba (NYSE: BABA) ADRs fell 11%, JD.com (NASDAQ: JD) ADRs fell 14%, Baidu (NASDAQ: BIDU) stock dropped 11%, Pinduoduo (NASDAQ: PDD) stock fell 14%, Bilibili (NASDAQ: BILI) stock dropped 15%, and Tencent Music (NYSE: TME) stock fell 11% as U.S.-listed shares of China firms were hit by fears the country's newly unveiled leadership team will be less inclined to prioritize private sector growth.
Ericsson (NASDAQ: ERIC) ADRs fell 4.3% after Goldman Sachs downgraded its investment stance on the Swedish telecommunications company to ‘neutral’ from ‘buy’, citing decreased "visibility" over future profits at the business' cloud software and services segment.
- FedEx (NYSE: FDX) stock fell 0.8% after Wells Fargo downgraded its stance on the delivery company to 'equal-weight' from 'overweight', seeing lower revenue growth ahead.
- WeWork (NYSE: WE) stock rose 6.2% after Cantor Fitzgerald started coverage of the work-sharing company with an 'overweight' rating, saying $2.7 billion in expenses have already been removed in cost cuts, helping its valuation.