Stocks making the biggest moves in the premarket: Virgin Galactic, Walmart, Sherwin-Williams & more
Take a look at some of the biggest movers in the premarket:
Virgin Galactic (SPCE) – Virgin Galactic signed a deal with NASA to develop a recruitment and training program for private astronauts seeking to visit the International Space Station.
Walmart (WMT) – UBS upgraded the retail giant's stock to "buy" from "neutral," citing greater productivity, fast growth in e-commerce, and its acceleration of technology deployment.
Sherwin-Williams (SHW) – The paint producer increased its sales guidance for the current quarter, as consumers increase house projects as they stay at home during the pandemic.
American Airlines (AAL) – American Airlines announced it will seek $3.5 billion in new financing. The airline plans to sell $1.5 billion in stock and convertible notes, another $1.5 billion in senior secured notes, and will enter a new $500 million credit facility.
United Airlines (UAL) – United Airlines may launch a $5 billion debt sale this week, according to a Bloomberg report quoting people with knowledge of the matter.
General Electric (GE) – GE named Deloitte as its independent auditor for 2021, with current auditor KPMG continuing its duties through the end of this year. KPMG and predecessor companies had been GE's auditors since 1909, but proxy advisory firms had recommended a change following federal probes into the company's accounting practices. GE cooperated with the probes and has maintained that its accounting is proper.
PG&E (PCG) – The California utility announced that it had completed the first stage of its bankruptcy exit financing plan.
Fiat Chrysler (FCAU) – Fiat Chrysler is close to winning Italian government approval for a $7 billion crisis loan, according to sources who spoke to Reuters.
FedEx (FDX) – FedEx will take a $370 million non-cash impairment charge for the current quarter, mostly related to assets from its 2004 acquisition of Kinko's. FedEx said it was taking the charge due to "declining print revenue and temporary store closures."
Tesla (TSLA) – CEO Elon Musk said the automaker had set Sept. 15 as the new tentative date for its annual meeting, as well as its "Battery Day" event. Both had been previously scheduled to take place July 7, but were postponed due to the coronavirus pandemic.
Tyson Foods (TSN) – China suspended imports of chicken from the Tyson plant in Springdale, Arkansas, saying it was taking the action because of coronavirus infections among plant workers. Tyson said it was looking into the matter, but added that it is confident its products are safe and that it was hopeful the matter could be resolved.
Foot Locker (FL) – Foot Locker was downgraded to "neutral" from "buy" at B Riley FBR, which thinks the athletic footwear and apparel retailer is implementing more promotional activity than its peers.
Apollo Global Management (APO) – The private-equity firm's financially strapped Chuck E. Cheese restaurant chain is drawing interest from potential buyers, according to a report in The Wall Street Journal.
DraftKings (DKNG) – The online gambling company was rated "buy" in new coverage at Jefferies, which feels the company is best positioned to capitalize on the growth of digital sports wagering in the United States.
Source: cnbc.com
