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Stocks Making the Biggest Premarket Moves: Moderna, American, Spirit Airlines, Ford and More

September 13, 2023
minute read

Check out the companies making headlines before the bell.

Moderna: Moderna's stock exhibited a commendable performance, with an early trading surge of over 3%. This ascent followed a recommendation from the Centers for Disease Control and Prevention (CDC) advocating for updated Covid vaccine shots to be administered to all Americans aged 6 months and older. Additionally, Pfizer's shares registered a modest increase of 0.2%.

Apple: Apple experienced a marginal decline of 0.4% prior to market opening. This dip occurred one day after the company unveiled its latest iPhone model, along with a slew of updates that included the introduction of a new Apple Watch and a revamped AirPods offering.

Ford: In premarket trading, Ford's shares demonstrated a notable uptick of 1.5%. This rise was attributed to UBS analyst Joseph Spak's initiation of research coverage, which included a "buy" rating and a price target of $15, reflecting a potential 21% upside. Spak highlighted Ford's pro-business approach, particularly its commercial segment, which is anticipated to exhibit greater resilience than initially projected, potentially offsetting challenges faced by its blue and electric car models.

BP: Before the market opened, BP's shares recorded a gain exceeding 1%, marking the aftermath of BP CEO Bernard Looney's resignation, which transpired a little over three years into his tenure. Notably, BP's U.S. shares experienced a reversal, closing down by 1.3% on the preceding Tuesday, having initially witnessed a 2.9% gain.

Xpeng and NIO: U.S.-based shares of Chinese electric vehicle manufacturers, Xpeng and NIO, encountered declines exceeding 3% and 2%, respectively. This depreciation was in response to the European Union's contemplation of imposing anti-subsidy tariffs on Chinese imports, a measure intended to safeguard domestic producers.

American Airlines and Spirit Airlines: American Airlines witnessed a decline of 3.1% following a downward revision of its third-quarter earnings guidance. This revision was attributed to heightened fuel prices and increased costs stemming from a new labor agreement. The airline now anticipates earnings per share to fall within the range of 20 cents to 30 cents, a departure from its prior guidance of 85 cents to 95 cents. Meanwhile, Spirit Airlines also experienced a decline of 3.9%, primarily attributable to a reduction in its summer profit forecast, a consequence of escalating costs.

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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