Tesla, Apple, Hostess Brands, Boeing rise premarket; Alibaba falls
Investing.com -- U.S. futures traded slightly higher Monday, ahead of the release this week of fresh inflation data which could give guidance of future Federal Reserve monetary action.
Here are some of the biggest premarket U.S. stock movers today:
Tesla (NASDAQ: TSLA) stock rose 6% after Morgan Stanley upgraded its stance on the electric vehicle manufacturer to ‘overweight’ from ‘equal weight’, calling it a top pick as its dedicated supercomputer, Dojo, can add up to $500B to the company's enterprise value.
Apple (NASDAQ: AAPL) stock rose 1.1%, rebounding from last week’s near 6% decline on China's restrictions of iPhone usage for government officials, ahead of Tuesday’s new product launch, which is expected to reveal the new iPhone.
Alibaba (NYSE: BABA) ADRs fell 0.8% after the Chinese e-commerce giant said that outgoing chief executive Daniel Zhang will also step down as the head of its cloud unit. This was an unexpected move as Zhang was set to lead Alibaba’s cloud unit as the company embarks on a six-way split in the coming months.
Hostess Brands (NASDAQ: TWNK) stock rose over 15% after Reuters reported that Jif peanut butter maker JM Smucker (NYSE: SJM) is nearing a deal to the owner of Twinkies snack cakes for close to $5 billion.
Boeing (NYSE: BA) stock rose 0.9% after the White House said that Vietnam Airlines' deal to buy 50 737 Max jets from the planemaker was worth $7.8 billion.
Meta Platforms (NASDAQ: META) stock rose 1.2% after the WSJ reported that the Facebook parent is working on a new artificial-intelligence system intended to be as powerful as the most advanced model offered by OpenAI.
Brunswick (NYSE: BC) stock fell 2.1% after JPMorgan downgraded the recreational boat manufacturer to ‘neutral’ from ‘overweight’, highlighting concerns about high interest rates affecting consumer demand and excess inventory.
Kenvue (NYSE: KVUE) stock rose 2.8% after Deutsche Bank upgraded the Johnson & Johnson (NYSE: JNJ) spinoff to ‘buy’ from ‘hold’, saying it can rebound by more than 25% in the short term.