Alibaba, JD.com, Occidental Petroleum, Chevron and more
Alibaba, JD.com, Occidental Petroleum, Chevron and more

Alibaba, JD.com, Occidental Petroleum, Chevron and more

Take a look at some of the biggest movers in the advance market:

Alibaba (BABA), JD.com (JD) – E-commerce stocks were among China-based companies hit hard by concerns about U.S. delistings, as well as the impact of new Covid-19 outbreaks at the Chinese technology hub in Shenzhen. Alibaba fell 4.7% in the premarket, while JD.com fell 5.1%.

Occidental Petroleum (OXY), Chevron (CVX) – Energy stocks were downgraded to “equilibrium” from “overweight” at Morgan Stanley, which notes that both have outperformed their peers in recent months and now offer less attractive relative valuations. Occidental fell 3.3% in the pre-market, while Chevron fell 2.4%. Both are also falling in line with the fall in crude oil prices this morning.

Lockheed Martin (LMT) – Defense contractor shares rose 1.6% in pre-market trading after sources told Reuters that Germany would buy up to 35 of Lockheed’s F-35 fighter jets.

Coupang (CPNG) – Softbanks Vision Fund sold $ 1 billion of its stake in the South Korean software company, according to a regulatory application. The sale of 50 million shares still leaves the fund with 461.2 million Coupang shares. The stock fell 1.2% in pre-market trading.

Ford Motor (F) – Ford predicts a 12% drop in U.S. sales this year, according to a report in Automotive News, citing people who were present at a meeting with dealers. The publication said Ford has lost 100,000 units in production so far this year due to lack of spare parts. Despite this news, Ford added 1% in pre-market action.

Berkshire Hathaway (BRK.B) – Berkshire calls for the rejection of four shareholder proposals, including the replacement of Warren Buffett as chairman and a proposal for Berkshire to report on its climate risk management plans. Berkshire added 1% in the premarket.

Rio Tinto (RIO) – Rio shares fell 2.9% in pre-market trading after the mining company offered to buy the 49% of Canada’s Turquoise Hill, which it does not already own for about $ 2.7 billion. The price is a premium of more than 32% compared to Turquoise Hill’s Friday closing.

Tyson Foods (TSN) – The beef and poultry producer’s share fell 1% in pre-market measures after BMO Capital Markets downgraded it to “outperform”. The BMO cites valuation and notes that Tyson has outperformed the S&P 500 over the past year, as well as the potential for lower beef margins.

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