Stocks making the biggest moves premarket: Boeing, Alphabet, Blackstone, GitLab and more
Check out the companies making headlines before the bell. Boeing — Shares slipped 1.8% after the aerospace company withdrew a pay raise offer it made to 33,000 machinists on strike since mid-September. With the talks again breaking down this week, the continued strike will cost Boeing more than $1 billion per month, S & P Global Ratings said Tuesday as part of a negative outlook for Boeing’s credit ratings. Reddit — Shares rose more than 2% after Jefferies initiated research coverage with a buy rating and a Sreet-high price target. The investment firm cited advertising and data licensing tailwinds. Alphabet — Shares dropped about 1% after the Justice Department submitted a court filing on Tuesday that gave a federal court a range of options, including setting restrictions or ordering a breakup, to end what it called an unlawful monopoly in search. Rio Tinto , Arcadium Lithium — The two minerals stocks moved in opposite directions after the companies announced a deal for Rio Tinto to buy Arcadium for $5.85 per share. Shares of Rio Tinto dipped 1.2%, while shares of Arcadium surged 30%. Blackstone — Piper Sandler downgraded the asset manager to neutral from overweight, sending shares nearly 1% lower. The investment bank said that much of the “good news has been priced into the stock” after its significant run-up heading into the Federal Reserve rate cut last month. GitLab — Shares rose 5% after Morgan Stanley initiated research coverage of the software stock with an overweight rating . Analyst Sanjit Singh said that after decades of fragmentation, GitLab would emerge as a key consolidator in the market due to its numerous product offerings across the software delivery pipeline. Alibaba , JD.com , Nio — U.S.-listed shares of major Chinese companies fell again, extending Tuesday’s decline, after officials failed to deliver any new major stimulus plans after a week-long national holiday. Alibaba shed 3.2%, while JD.com and Nio lost 4.6% and 2.4%, respectively. Chewy — Shares rose nearly 2% after TD Cowen initiated research coverage of the pet products retailer with a buy rating. The investment firm sees Chewy rallying more than 25% on the back of strong retail demand, where pet health offerings are “growing.” Norwegian Cruise Line — Shares rose 3.1% on the heels of a Citigroup upgrade to buy from neutral. Citi said the stock should be able to rally more than 44% as the company’s strategy shifts. — CNBC’s Sean Conlon, Lisa Han, Alex Harring, Jesse Pound and Hakyung Kim contributed reporting.
