Check out the companies making headlines before the bell.
AstraZeneca's shares displayed a 1.4% increase following an upgrade by Jefferies, shifting the stock from 'hold' to 'buy.' This elevation comes in response to a favorable outcome in a late-stage trial for one of its breast cancer treatments, jointly developed with Daiichi Sankyo.
Urban Outfitters and Foot Locker
Urban Outfitters observed a 4% decline in its shares, while Foot Locker experienced a 2.9% reduction before the market opened, subsequent to a downgrade from Jefferies, which adjusted their stock rating from 'buy' to 'hold.' Jefferies voiced concerns over the potential impact of reduced consumer spending on these companies.
During premarket trading on Monday, Dow, the petrochemicals enterprise, saw a 1.6% rise in its shares. JPMorgan upgraded the stock's rating from 'neutral' to 'overweight,' citing the prospect of increased profitability amid rising oil prices.
The athletic retail giant, Nike, witnessed a 1.6% decline after Jefferies downgraded its rating from 'buy' to 'hold.' This decision was influenced by pressures in the wholesale sector and macroeconomic challenges in China.
Shares of Opendoor Technologies experienced a decline of over 6% following Citi's adjustment of its price target for the company from $3.90 per share to $2.70. Citi cited concerns arising from a limited supply of preexisting homes in the market, noting that the stock's low nominal value could magnify percentage changes.
Chinese e-commerce stocks
U.S.-traded shares of JD.com and PDD Holdings recorded respective losses of 3.1% and 2.3% due to declining sentiment surrounding China's economy. A senior member of the central bank emphasized limited room for further monetary easing and called for structural economic reforms.
Media companies observed a surge in their share prices following a preliminary labor agreement reached by writers and studios. Paramount and Warner Bros Discovery each experienced approximately 2% growth, while Amazon and Disney shares saw increases of 0.8% and 0.6%, respectively.
HP, the computer company, noted a 3% decrease in its shares after Berkshire Hathaway divested 4.8 million shares, equivalent to approximately $130 million worth of HP stock.
Sealed Air, a food packaging company, experienced a 2.7% increase in its shares after Citi upgraded its rating from 'neutral' to 'buy.' Analyst Anthony Pettinari highlighted the stock's discounted valuation relative to historical averages and the potential for substantial portfolio transformation initiatives.
U.S.-traded shares of the Chinese electric vehicle manufacturer, Nio, declined by nearly 6% upon news of the company's consideration to raise $3 billion from investors.
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