Virgin Orbit, Coinbase, Boeing fall premarket; Frontline, Oak Street Health rise
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, January 10th. Please refresh for updates.
Coinbase (NASDAQ: COIN ) stock fell 3.5% after the cryptocurrency exchange said it will reduce its workforce by about 950 employees as part of a restructuring plan.
Virgin Orbit (NASDAQ: VORB ) stock slumped over 20% after its maiden mission to place nine satellites in orbit via the company's LauncherOne rocket failed.
AT&T (NYSE: T ) stock rose 1% after Wells Fargo upgraded its stance on the telecom giant to ‘overweight’ from ‘equal weight’, saying its growth forecast looks more attractive than rival Verizon (NYSE: VZ ).
Royal Caribbean (NYSE: RCL ) stock rose 0.4% after Morgan Stanley upgraded its stance on the company to ‘equal weight’ from ‘underweight’, calling it the “superior cruise operator”.
Microsoft (NASDAQ: MSFT ) stock fell 0.2% after the U.S. technology giant said it was in talks to invest up to $10 billion in artificial intelligence firm OpenAI.
Bed Bath & Beyond (NASDAQ: BBBY ) stock rose 2.5% after the troubled retailer reported a quarterly loss of about $393M after a tough holiday season, but did not say it would file for bankruptcy.
Frontline (NYSE: FRO ) stock rose 24% after the oil tanker company abandoned its contested takeover of rival Euronav (NYSE: EURN ).
- Boeing (NYSE: BA ) stock fell 2.7% after Morgan Stanley downgraded its stance on the aircraft manufacturer to 'equal weight' from 'overweight', citing a lack of potential upside from current levels.
- Oak Street Health (NYSE: OSH ) stock rose 36% after Bloomberg reported that CVS (NYSE: CVS ), down 0.7%, is considering buying the healthcare company for more than $10B.
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