Stocks Making the Biggest Moves in Premarket Trading: AZN, PARA, NKE, and more

Striking members of the Writers Guild of America picket with striking members of SAG-AFTRA, the Actors Guild, outside Paramount Studios in Los Angeles, September 18, 2023.

Mario Tama | getty images

Check out the companies making headlines before the bell rings.

AstraZeneca – Shares rose 1.4% after Jefferies upgraded the stock to buy from hold. The upgrade comes after one of its breast cancer treatments in joint development with Daiichi Sankyo reported positive results in late-stage trials on Friday.

Urban Outfitters, Foot Locker – Shares of Urban Outfitters fell 4%, while Foot Locker fell 2.9% before the bell after Jefferies downgraded the stock from buy to hold. Jefferies said companies could be hit by a slowdown in consumer spending.

Dow – Shares of the petrochemicals company rose 1.6% in premarket trading Monday. JPMorgan upgraded the stock to overweight from neutral, citing potential upside from higher oil prices.

Nike – The athletic retailer slipped 1.6% after Jefferies downgraded it from buy to hold. The company cited wholesale pressure and broader headwinds in China.

Opendoor Technologies – Shares of the real estate company fell more than 6% after Citi cut its price target on Opendoor to $2.70 per share from $3.90. The City cited the low number of homes already on the market as one reason for concern about Opendoor. Because the stock trades for less than $3 per share, small moves in nominal terms can appear as large percentage changes.

US-traded shares of Chinese e-commerce stocks and PDD Holdings fell 3.1% and 2.3%, respectively, as sentiment about China’s economy worsened. A senior member of the central bank said that the scope for monetary easing in the country is limited, hence there is a need for structural reforms in the economy.

Media Stocks – Shares of media companies saw a rise after writers and studios reached preliminary labor agreements. Paramount and Warner Bros. Discovery each rose about 2%. Shares of Amazon and Disney also rose 0.8% and 0.6%, respectively, on the news.

HP – Shares of the computer company fell about 3% after Berkshire Hathaway sold 4.8 million HP shares, or about $130 million.

Sealed Air – The food packaging company jumped 2.7% after Citi upgraded shares to buy from neutral. Analyst Anthony Pettinari cited the discounted valuation relative to historical averages and the potential for material portfolio transformation works.

Nio – US-traded shares of the Chinese electric vehicle maker fell nearly 6% news That the company is considering raising $3 billion from investors.

— CNBC’s Alex Haring and Jesse Pound contributed reporting.

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