On the New York Stock Exchange (NYSE) floor in New York City, United States, on June 30, 2021, a trader works during the IPO for Chinese ride-hailing startup Didi Global Inc. Reuters/Brendan McDermid Take a look at some of the biggest premarket moves. Didi — Didi’s stock fell about 20% in premarket trade after Chinese regulators stated late Friday that the ride-hailing business will be subjected to a cybersecurity examination. Didi made its public debut on the New York Stock Exchange less than a week ago. Full Truck Alliance and Boss Zhipin — Chinese officials have initiated an inquiry against Boss Zhipin and Full Truck Alliance subsidiaries, both of which are publicly traded in the United States. In early trading, shares of Boss Zhipin, which trades under the symbol “Kanzhun,” plummeted by 10%. In the premarket, shares of Full Truck Alliance fell by roughly 16 percent. Other Chinese companies — After regulators launched cybersecurity reviews, shares of other Chinese companies publicly traded in the United States fell as well. In premarket trading, Baidu, Pinduoduo, and JD.com all declined about 2%. Oil stockpiles surged as oil prices rose to 6-year highs after OPEC and its oil-producing partners agreed to postpone discussions indefinitely. In the premarket, the S&P Oil and Gas ETF rose 1.8 percent, while Occidental Petroleum’s stock rose 1.9 percent, ConocoPhillips’ stock rose 1.7 percent, and APA Corporation’s stock rose 2.2 percent. American Express — The stock rose 2.5 percent in premarket trading after Goldman Sachs upgraded it from neutral to buy. The firm also set a $225 per share price objective for American Express, which is more than 33% higher than where the shares finished on Friday. According to Goldman Sachs, if the economy improves, the card stock should benefit from an increase in consumer spending. 3M (millimeters) 3M shares fell modestly in early trade after Credit Suisse downgraded the industrial products stock from outperform to neutral, citing legal issues as a reason. “Despite fundamental upside from a cyclical upturn in global IP and probable inventory restocking,” analyst John Walsh wrote, “we believe it will be difficult for 3M to reclaim its premium multiple at this point in the cycle with two, still difficult to quantify liabilities.” Pfizer is a pharmaceutical company. Pfizer’s stock dropped almost 1% after Israel’s health ministry revealed that the Covid-19 vaccine’s effectiveness in preventing infection and symptomatic sickness had decreased. Israel, on the other hand, stated that Pfizer’s Covid vaccination was still highly efficient in preventing serious sickness. The news comes as the extremely contagious delta variety spreads throughout Israel and the rest of the world. CNBC Pro can help you become a better investor. Get stock recommendations, analyst calls, exclusive interviews, and CNBC TV access. To begin your free trial, fill out the form below./n
Read More
