Apple, Chevron, Biogen fall premarket; Univar, Pinduoduo rise
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, November 28th. Please refresh for updates.
Apple (NASDAQ: AAPL) stock fell 1.8% after a report indicated the tech giant will see a production shortfall of nearly 6 million iPhone Pro units due to unrest at its key assembly plant in China.
Univar (NYSE: UNVR) stock rose over 10% after German rival Brenntag (ETR:BNRGn) said it had held preliminary talks with the chemicals company about a potential merger.
Chevron (NYSE: CVX) stock fell 2% after crude oil prices dropped sharply on the rising COVID cases and civil unrest in China, the world’s largest importer. These losses occurred despite Chevron receiving a U.S. license to expand its production in Venezuela.
- Biogen (NASDAQ: BIIB) stock fell 4% after an online report that a woman participating in a trial of the experimental Alzheimer's treatment lecanemab had recently died.
Anheuser-Busch InBev (EBR: ABI) ADRs rose 4.2% after JPMorgan upgraded its stance on the world's largest brewer to 'buy' from 'sell', saying the slowing demand for hard seltzer could open opportunities for the beer giant.
Pinduoduo (NASDAQ: PDD) stock rose 14% after the Chinese online retailer beat expectations for third quarter revenue, helped by COVID-related lockdowns in the country that forced consumers to shop online.
DraftKings (NASDAQ: DKNG) stock fell 4.6% after JPMorgan downgraded the sports betting company to 'underweight' from 'neutral', saying rival companies now look more attractive.
Williams-Sonoma (NYSE: WSM) stock fell 4.4% after Morgan Stanley downgraded its stance on the retailer of home furnishings to 'underweight' from 'equal-weight', saying the stock could fall another 18%.
Credit Suisse (NYSE: CS) stock fell 3.6% after the head of the lender's Swiss unit said "some customers have withdrawn some of their money, but very few have actually closed their accounts." Last week, the Swiss bank said it expects to make a hefty pretax loss in the fourth quarter.