Tesla, Alibaba, Abercrombie&Fitch rise premarket; Lululemon falls
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, January 9th. Please refresh for updates.
Tesla (NASDAQ: TSLA) stock rose 3.5% after the electric car manufacturer signaled longer waiting times for potential buyers of some versions of the Model Y in China, suggesting increased demand after recently announced price cuts.
CinCor Pharma (NASDAQ: CINC) stock rose 133% after AstraZeneca (NASDAQ: AZN) agreed to acquire the U.S. biotech in a deal worth as much as $1.8 billion, as the Anglo-Swedish drugmaker looks to expand its pipeline of treatments for heart and kidney disorders.
Alibaba (NYSE: BABA) ADRs rose 4.9% on news that Ant Group's founder Jack Ma will give up control of the Chinese fintech giant in an overhaul, potentially easing government scrutiny.
Visa (NYSE: V) stock rose 1.2% and Mastercard (NYSE: MA) stock climbed 1.7% after KeyBanc upgraded its stance on the credit card giants, both to ‘overweight’ from ‘sector weight’, expecting them to outperform again in 2023.
Goldman Sachs (NYSE: GS) stock rose 0.3% after Bloomberg reported the investment bank was preparing its biggest round of job cuts since 2009 after over-hiring during the pandemic.
- Moderna (NASDAQ: MRNA) stock rose 0.4% after the drugmaker stated it generated about $18.4B in COVID-19 vaccine sales in 2022.
- Abercrombie & Fitch (NYSE: ANF) stock rose 4.3% after the clothing retailer raised its forecast for holiday-quarter sales, citing strong demand across its brands during the peak holiday selling period.
- Lululemon Athletica (NASDAQ: LULU) stock fell 10% after the retailer said it expects holiday quarter gross margins to decline as it grapples with increased costs amid a drop in consumer spending.
- Uber Technologies (NYSE: UBER) stock rose 2.8% after Piper Sandler upgraded its stance on the ride hailing firm to 'overweight' from 'neutral', saying rising car prices will boost demand for ride hailing.