Tesla, Nikola and AMC fall premarket; Okta, U.S. Steel rise
Investing.com -- U.S. futures traded higher Monday, with investors awaiting more earnings, this time from the crucial retail sector.
Here are some of the biggest premarket U.S. stock movers today:
Tesla (NASDAQ: TSLA) stock fell 2.4% after the electric car manufacturer cut prices in China for two of its Model Y variants, as it attempts to combat increased competition and entice customers wary of making big purchases in an uncertain economy.
U.S. Steel (NYSE: X) stock jumped 27% after the steelmaker rejected a $7.3 billion buyout offer from Cleveland-Cliffs (NYSE: CLF), down 0.5%, and said it would review its options following "multiple unsolicited proposals".
Philips ADRs (NYSE: PHG) rose 3.9% after the investment firm Exor (OTC: EXXRF) took a 15% stake in the healthcare company, a welcome vote of confidence in the Dutch company.
Okta (NASDAQ: OKTA) stock rose 4.5% after Goldman Sachs upgraded its stance on the identity software company to ‘buy’ from ‘sell’, seeing more than 25% upside.
Marriott International (NASDAQ: MAR) stock fell 1.4% after Bernstein downgraded the hotel chain to ‘market perform’ from ‘outperform’ after a strong run, saying its upside is now limited.
Nikola (NASDAQ: NKLA) stock fell 15% after the company said on Friday it was recalling all the battery-powered electric trucks that it has delivered to date and is suspending sales after an investigation into recent fires found a coolant leak inside a battery pack as the cause.
AMC Entertainment (NYSE: AMC) stock fell 34% after a Delaware judge approved the movie theater chain's revised stockholder settlement on Friday, clearing the way for it to sell more shares and pay down some of its $5.1B in debt.