Top Companies Making Waves in Pre-Market Trading
As the market gears up for another trading day, several companies are catching attention with significant pre-market movements.
American Airlines Soars on Analyst Upgrade
Shares of American Airlines surged over 4% after TD Cowen upgraded the airline’s rating from hold to buy. The firm also raised its price target to an impressive Wall Street high, suggesting a potential upside of about 47% from last Friday’s closing price.
FuboTV’s Major Deal with Disney
FuboTV saw a remarkable increase of over 165% after announcing a partnership with Walt Disney to merge their online live TV services. This collaboration, which will see Disney’s Hulu + Live TV become part of the venture, will leave Fubo with 30% ownership and Disney with 70%, positioning it as the second-largest digital pay-TV provider after YouTube TV.
Boeing’s Stock Rises on Positive Outlook
Boeing shares climbed roughly 2% ahead of the market opening following an upgrade to overweight by Barclays. Analyst David Strauss noted that although 2024 may be challenging for Boeing, a solid rebound is likely in the following year due to strong production and delivery metrics.
Citigroup Gains Amid Upgraded Predictions
Citi’s stock rose by 2% after Barclays enhanced its rating from equal weight to overweight. The firm highlighted a positive outlook for large-cap banks, indicating that Citigroup’s performance, marked by annual revenue growth and strong operational leverage, suggests it might be on the brink of a significant turnaround.
Chip Stocks Rally Following Foxconn’s Revenue Surge
Chipmakers experienced notable gains with shares of Taiwan Semiconductor and Micron Technology climbing more than 5%, while Nvidia and Advanced Micro Devices rose nearly 3%. This rally follows Foxconn’s announcement of record revenues for the fourth quarter, boosting confidence across the sector. Another chip manufacturer, Broadcom, saw shares rise over 1%.
Xpeng Partners with Volkswagen
U.S. shares of Chinese electric vehicle manufacturer Xpeng climbed by more than 4% after the announcement of an expanded partnership with Volkswagen in China. This collaboration will allow both companies to share their fast-charging networks, leading to a more robust infrastructure for electric vehicle users. Following the news, shares of Volkswagen in Europe rose over 5%.
MicroStrategy Shines with Capital Raise Plans
MicroStrategy’s shares jumped approximately 4% as the company unveiled plans to raise up to $2 billion through preferred stock offerings. This move aims to strengthen its balance sheet and continue its acquisition of Bitcoin.
Microsoft Stock Gains After Price Target Increase
Microsoft shares increased by around 1% following Bernstein’s upgrade, raising the price target by $5 to $516. The firm suggested that waning concerns over capital expenditure conversion into revenue should help restore investor confidence.
Plug Power Rises on Clean Energy Developments
The shares of Plug Power surged by approximately 6% in pre-market trading, continuing a solid rally from last Friday. This boost followed the U.S. Department of the Treasury releasing final rules regarding substantial tax credits for companies producing hydrogen, aimed at nurturing the clean energy sector.
Chewy’s Advertisement Strategy Pays Off
Shares of Chewy rose over 4% after Mizuho upgraded the stock from neutral to outperform. The investment firm acknowledged Chewy’s recent increase in advertising as a strategic move rather than a signal of declining pet-related spending.
Auto Stocks Benefit from Tariff Discussions
Automakers enjoyed a boost following reports that aides to President-elect Donald Trump are considering imposing tariffs selectively on sectors deemed critical to national security rather than on all imports. Lucid Group and Ford Motor saw their shares climb by 3% and 2%, respectively, while Tesla’s stock rose by more than 2%.
These developments showcase a vibrant start to the trading day as investors respond to various positive stimuli across multiple sectors.
