Tesla, Verizon, Starbucks fall premarket; United Airlines, MGM Resorts gain
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, December 5th. Please refresh for updates.
Tesla (NASDAQ: TSLA ) stock fell 4.3% after Bloomberg reported the electric vehicle manufacturer plans to cut December output of the Model Y at its Shanghai plant by more than 20% from the previous month.
Verizon Communications (NYSE: VZ ) stock fell 1.2% after the telecoms giant said Manon Brouillette, CEO of the company's Consumer Group, has stepped down from the role she has held since January.
Apple (NASDAQ: AAPL ) stock fell 0.1% after the Wall Street Journal reported the tech giant was eyeing plans to move production out of China at the weekend. Foxconn (TW: 2354 ), Apple's contract manufacturer, said its revenue fell 29% in November from October due to extreme disruption at its key plant.
United Airlines (NASDAQ: UAL ) stock rose 1.4% after Morgan Stanley upgraded its stance on the carrier to 'overweight' from 'equal-weight', saying the stock could rise more than 50% in 2023, which could be a 'goldilocks' year.
Starbucks (NASDAQ: SBUX ) stock fell 1.5% after Deutsche Bank downgraded its stance on the coffee chain to 'hold' from 'buy', saying it's a valuation call with further gains harder to come by.
MGM Resorts (NYSE: MGM ) stock rose 3% after Truist upgraded its stance on the casino operator to 'buy' from 'hold', saying a strong Las Vegas Strip calendar in 2023 will prompt gain of more than 30%.
AT&T (NYSE: T ) stock fell 0.3% after the telecoms giant agreed to pay a $6.25 million penalty to settle an SEC lawsuit accusing the phone company of selectively leaking financial information.
Credit Suisse (SIX: CSGN ) (NYSE: CS ) stock rose 2.6% following a Wall Street Journal report that Saudi Arabia's Crown Prince Mohammed bin Salman and U.S. private equity investors are preparing to build stakes in the lender's new investment bank.
Alibaba (NYSE: BABA ) stock rose 4.2% and JD (NASDAQ: JD ) stock rose 4.2% as the U.S.-listed Chinese companies gained on optimism that China was set to announce the further easing of its strict COVID curbs in the near future.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or