Stock futures pointed to a lower start for Wall Street on Monday as disappointing data from China, the world’s second-biggest economy, raised concerns about global growth. Traders also geared up for a busy week of corporate earnings.
These stocks were poised to make moves Monday:
Tesla
(ticker: TSLA) was rising 2.1% in premarket trading after the electric-vehicle maker’s first Cybertruck rolled off the assembly line over the weekend. The truck was first introduced in 2019 but production had been delayed repeatedly because of supply-chain issues, the company said.
BridgeBio Pharma
(BBIO) soared 64% after the biopharmaceutical company reported positive results from a Phase 3 study of its investigational drug acoramidis in transthyretin amyloid cardiomyopathy, or ATTR-CM.
Chewy
(CHWY) rose 4.8% to $39.80 in premarket trading. Shares of the online pet goods retailer were raised to Buy from Neutral by analysts at
Goldman Sachs,
and the price target was boosted to $50 from $39.
Microsoft
(MSFT) and
Sony
agreed to keep
Activision Blizzard’s
(ATVI) Call of Duty videogame on
Sony’s
PlayStation system after
Microsoft
completes its acquisition of
Activision.
Sony has been opposed to the Microsoft-Activision merger, citing concerns that Microsoft would keep Call of Duty exclusive to its Xbox system. The Wall Street Journal reported that Sony confirmed a 10-year agreement had been reached. Microsoft shares rose 0.2%, U.S.-listed Sony rose 0.4%, and Activision jumped 4%.
Yelp
(YELP) rose 3.6% after the local recommendation site was upgraded to Buy from Neutral at Goldman Sachs.
Twilio
(TWLO) fell 2.1% after shares of the the software company were downgraded to Neutral from Overweight at
Piper Sandler.
State Street
(STT) fell 1.9% in premarket trading after receiving downgrades from
UBS,
J.P. Morgan,
and Keefe Bruyette. The stock fell 12% on Friday after the financial services company posted second-quarter earnings.
AT&T
(T) fell 1.4% after the telecom company was downgraded to Neutral from Buy at
Citi.
This follows a downgrade from J.P. Morgan last week on concerns over the company’s wireless growth and potential liability for lead-sheathed cables.
Snap
(SNAP) shed 0.6% to $13.07 even after the parent of social media platform
Snapchat
received two price target raises—to $16 from $11 at Credit Suisse and to $8 from $7 at Goldman Sachs.
Shares of
United Airlines
(UAL) rose 0.2% after the airline and its pilots’ union reached a contract agreement that includes increases in pilot pay of up to 40% over four years.
Earnings reports are expected this week from
Bank of America
(BAC),
Morgan Stanley
(MS),
Lockheed Martin
(LMT),
Tesla
(TSLA),
Netflix
(NFLX),
Goldman Sachs
(GS),
International Business Machines
(IBM),
Johnson & Johnson
(JNJ),
Philip Morris
(PM),
United Airlines
(UAL),
American Airlines
(AAL), and
American Express
(AXP).
Write to Joe Woelfel at joseph.woelfel@barrons.com
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