Good morning readers! We’ve got the latest news on some companies making headlines before the bell. Let’s dive in.
First up, Macy’s has seen a 2% increase in premarket trading after rejecting a $5.8 billion proposal to take the retailer private. The company cited concerns over deal financing and valuation. Next, Boeing’s stock slid 1.8% following the U.S. Federal Aviation Administration’s recommendation for operators to visually inspect the mid-exit door plugs of Boeing 737-900ER aircraft. This comes after the grounding of similar planes following an emergency on an Alaska Airlines flight.
Archer-Daniels-Midland took a hit with a nearly 12% decline in shares after placing their CFO on administrative leave amid an investigation into accounting practices. Additionally, the food processor issued fourth-quarter earnings guidance that fell below prior expectations, leading to a downgrade in stock by Goldman Sachs.
On a more positive note, SolarEdge Technologies saw a gain of over 5% after announcing plans to cut 16% of its workforce in an effort to reduce operating expenses. Meanwhile, B Riley Financial’s stock sank nearly 14% after reports that the U.S. Securities and Exchange Commission is investigating the company’s deals with a client connected to securities fraud.
In the airline industry, Spirit Airlines and JetBlue Airways plan to appeal a federal judge’s ruling that blocks their merger. Spirit Airlines saw about a 1% increase before the bell, while JetBlue Airways slipped 0.8%. Additionally, International Flavors & Fragrances saw a 1.9% increase in shares after being upgraded by Morgan Stanley, citing potential catalysts for share price growth.
Switching gears to the home improvement industry, Home Depot and Lowe’s both saw a 0.7% decrease in shares after being downgraded by Oppenheimer. Lastly, StoneCo rallied more than 3% following an upgrade to a buy rating by Goldman Sachs, citing new banking and credit revenue opportunities within the Brazil payments sector.
There you have it – the latest updates on these companies. Stay tuned for more news and market updates as the day unfolds!
Contributing reporting by CNBC’s Pia Singh, Sarah Min, Tanaya Macheel, and Lisa Kailai Han.
Source link
