Tesla, Verizon, Starbucks fall premarket; United Airlines, MGM Resorts gain
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, December 5th. Please refresh for updates.
Tesla (NASDAQ: TSLA) stock fell 4.3% after Bloomberg reported the electric vehicle manufacturer plans to cut December output of the Model Y at its Shanghai plant by more than 20% from the previous month.
Verizon Communications (NYSE: VZ) stock fell 1.2% after the telecoms giant said Manon Brouillette, CEO of the company's Consumer Group, has stepped down from the role she has held since January.
Apple (NASDAQ: AAPL) stock fell 0.1% after the Wall Street Journal reported the tech giant was eyeing plans to move production out of China at the weekend. Foxconn (TW:2354), Apple's contract manufacturer, said its revenue fell 29% in November from October due to extreme disruption at its key plant.
United Airlines (NASDAQ: UAL) stock rose 1.4% after Morgan Stanley upgraded its stance on the carrier to 'overweight' from 'equal-weight', saying the stock could rise more than 50% in 2023, which could be a 'goldilocks' year.
Starbucks (NASDAQ: SBUX) stock fell 1.5% after Deutsche Bank downgraded its stance on the coffee chain to 'hold' from 'buy', saying it's a valuation call with further gains harder to come by.
MGM Resorts (NYSE: MGM) stock rose 3% after Truist upgraded its stance on the casino operator to 'buy' from 'hold', saying a strong Las Vegas Strip calendar in 2023 will prompt gain of more than 30%.
AT&T (NYSE: T) stock fell 0.3% after the telecoms giant agreed to pay a $6.25 million penalty to settle an SEC lawsuit accusing the phone company of selectively leaking financial information.
Credit Suisse (NYSE: CS) stock rose 2.6% following a Wall Street Journal report that Saudi Arabia's Crown Prince Mohammed bin Salman and U.S. private equity investors are preparing to build stakes in the lender's new investment bank.
Alibaba (NYSE: BABA) stock rose 4.2% and JD (NASDAQ: JD) stock rose 4.2% as the U.S.-listed Chinese companies gained on optimism that China was set to announce the further easing of its strict COVID curbs in the near future.