Take a look at some of the largest manufacturers in the premarket:
Alibaba (BABA), JD.com (JD) – E-commerce stocks were among China-based companies that were deeply affected by concerns about removing the US from the listings and the impact of new Covid-19 outbreaks at China’s Technology Center of Shenzhen. Alibaba fell 4.7% in overseas, while JD.com sank 5.1%.
Occidental Petroleum (OXY), Chevron (CVX) – Energy stocks have been reduced to “equal weight” by “overweight” at Morgan Stanley, noting that both have outperformed their competitors in recent months and now offer less attractive relative estimates. Occidental fell 3.3% in trailers, while Chevron fell 2.4%. Both are also moving lower in line with the fall in crude oil prices this morning.
Lockheed Martin (LMT) – Defense contractor shares rose 1.6% in pre-market trading after sources told Reuters that Germany would buy up to 35 of Lockheed’s F-35 fighter jets.
Coupang (CPNG) – Softbank’s Vision Fund has sold $ 1 billion of its stake in the South Korean software company, according to regulatory documents. The sale of 50 million shares still leaves the fund with 461.2 million shares of Coupang. Shares fell 1.2% in pre-market trading.
Ford Motor (F) – Ford predicts a 12% drop in US sales this year, according to a report in Automotive News, citing people attending a meeting with dealers. The publication states that Ford has lost 100,000 units of production so far this year due to a shortage of parts. Despite this news, Ford added 1% in pre-market action.
Berkshire Hathaway (BRK.B) – Berkshire is pushing for the rejection of four shareholder proposals, including the replacement of Warren Buffett as chairman and a proposal for Berkshire to report on its plans to tackle climate risk. Berkshire added 1% to premarkets.
Rio Tinto (RIO) – Rio shares fell 2.9% in pre-market trading after the mining company offered to buy 49% of Canada’s Turquoise Hill, which it still does not own for about $ 2.7 billion. The price is over 32% surcharge to Friday’s closing of Turquoise Hill.
Tyson Foods (TSN) – Beef and poultry producer shares fell 1% in pre-market action after BMO Capital Markets downgraded it to “market performance” from “superior”. BMO cites the assessment, noting that Tyson has significantly surpassed the S&P 500 in the past year, as well as the potential for lower beef margins.