Today's Pre-Market Stock Movers: TSLA, PHG, MDT, JD and More
Gapping up
$WeWork (WE.US)$ +3.8% (Cantor Fitzgerald rated it “overweight” in new coverage. Cantor notes that $2.7 billion in expenses have already been removed through cost cuts and optimizing the company’s real estate portfolio.)
$Myovant Sciences (MYOV.US)$ +8.1% (The drugmaker agreed to be bought by a subsidiary of majority shareholder Sumitomo Pharma for $27 per share. That price is 10% above a prior offer by Sumitomo, which already owns 52% of Myovant.)
$ServiceNow (NOW.US)$ +2.5% (Guggenheim upgraded the stock to “buy” from “neutral.” The firm says the digital workflow software company has “admirable” profit margins and a dependable customer base.)
$Medtronic (MDT.US)$ +1% (The medical equipment maker announced plans to spin off its patient monitoring and respiratory interventions unit into a separate company. )
Gapping down
$Tesla (TSLA.US)$ -2.5% (The comapnay cuts Model 3 and Model Y prices in China by up to 9%. The price cuts come amid signs of softening demand in China. Chinese EV makers are also seeing their shares under pressure, with $NIO Inc (NIO.US)$, down 10.4%, $XPeng (XPEV.US)$, losing 11.3% and $Li Auto (LI.US)$, falling 10.3%.
China Tech Stocks – China-based tech stocks are under pressure. Among shares that trade in the U.S., $Alibaba (BABA.US)$tumbled 12.3%, $JD.com (JD.US)$ tumbled 15.9% in the premarket, $Baidu (BIDU.US)$ slid 12.7% and $Tencent Music (TME.US)$ fell 11%.
$Royal Philips (PHG.US)$ -2.2% (The comapny reports a bigger-than-expected loss, with the Dutch medical equipment maker also saying it would be cutting 4,000 jobs, or about 5% of its workforce. Its results were hurt by supply chain issues as well as a sizeable recall of a sleep apnea device.)
$Williams-Sonoma (WSM.US)$ -2.5% (The housewares retailer’s stock was downgraded to “underperform” from “hold” at Jefferies, which sees the shares underperforming under a more difficult economic environment.)
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TechTrek Invest : Tesla cutting prices in China is to enable their vehicles to qualify for the EV incentives. This means Tesla and the buyer will make more money than the price they cut their vehicles for. Tesla's Demand is insane and they will continue to be supply restrained.
SpyderCall TechTrek Invest : good insight. but we might not see this translate into bullish price action until their earnings release can show this. Sometimes the market will move in the seemingly improper direction off of news. we just gotta follow the trends. Tesla is a great company and equity stock. but sometimes the momentum to the downside just cant be fought. I think you are completely right about this price cut being bullish though.
If tesla made a car in america that was cheap enough for the mass public to purchase then it would be the best seller by far for sure. It would be the most demanded car in the world easily. he cant do this because the EV charging infrastructure is not set up to handle that many EVs on the road. on a side note china is EV cahrging infrastructure is outpacing ours. In US there are only charging stations in major cities in affluent areas or major retail locations. and if you want to travel long distances then the only charging stations to use would be on national highways between the big major cities. ....
long ranting response