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See the companies making headlines before the bell. Boeing — Shares fell 1.8% after the aerospace company withdrew a pay raise offer it had made to 33,000 machinists on strike since mid-September. With negotiations halted again this week, continued strike action will cost Boeing more than $1 billion a month, S&P Global Ratings said Tuesday amid a negative outlook for Boeing’s credit ratings . Reddit — Shares rose more than 2% after Jefferies initiated research coverage with a Buy rating and Sreet-High price target. The investment firm cited tailwinds in advertising and data licensing. Alphabet — Shares fell about 1% after the Justice Department submitted a court filing Tuesday that gave a federal court a range of options, including establishing restrictions or ordering a dissolution, to put an end to what he calls an illegal monopoly in research. Rio Tinto, Arcadium Lithium — The two mineral stocks moved in opposite directions after the companies announced a deal allowing Rio Tinto to buy Arcadium for $5.85 per share. Rio Tinto shares fell 1.2%, while Arcadium shares jumped 30%. Blackstone — Piper Sandler lowered the asset manager’s rating from overweight to neutral, sending shares down nearly 1%. The investment bank said much of the “good news has been priced into the stock’s price” after it rose sharply in the run-up to the Federal Reserve’s rate cut last month. GitLab — Shares rose 5% after Morgan Stanley called the software stock overweight. Analyst Sanjit Singh said that after decades of fragmentation, GitLab would emerge as a key consolidator in the market due to its numerous product offerings across the software delivery pipeline. Alibaba, JD.com, Nio — U.S.-listed shares of major Chinese companies fell again, extending Tuesday’s decline, after authorities failed to implement major new stimulus packages after a week of national vacation. Alibaba lost 3.2%, while JD.com and Nio lost 4.6% and 2.4%, respectively. Chewy — Shares rose nearly 2% after TD Cowen issued research on the pet products retailer with a buy rating. The investment firm sees Chewy rebounding more than 25% on strong retail demand, where pet health offerings are “growing.” Norwegian Cruise Line — Shares rose 3.1% on the heels of an upgrade from Citigroup to buy from neutral. Citi said the stock should be able to rebound more than 44% as the company’s strategy changes. — CNBC’s Sean Conlon, Lisa Han, Alex Harring, Jesse Pound and Hakyung Kim contributed to this report.
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