Companies Making Headlines Before the Bell
American Airlines shares surged more than 4% after TD Cowen upgraded the airline to a buy from a hold rating and lifted its price target to a Wall Street high, implying roughly 47% upside from Friday’s close.
FuboTV rose more than 60% after the company neared a deal to combine its online live TV businesses with Walt Disney, according to a Bloomberg report. The new venture, which will include Disney’s Hulu + Live TV business, will be 30% owned by Fubo and 70% by Disney and form the second-largest digital pay-TV provider after YouTube TV.
Boeing added about 2% after an upgrade to overweight at Barclays, with analyst David Strauss saying a tough 2024 for Boeing stock could give way for a rebound in the new year on strong deliveries and production.
Citigroup added 2% on the back of an upgrade at Barclays to overweight from equal weight, citing an improved outlook for large-cap banks and believing Citi may be at a turning point after posting annual revenue growth and positive operating leverage for its businesses.
Chip stocks rose after contract electronics giant Foxconn reported record revenue for the fourth quarter. Shares of Taiwan Semiconductor, Micron Technology, Nvidia, Advanced Micro Devices, and Broadcom all gained, with some stocks increasing by as much as 5%.
Xpeng, a Chinese electric vehicle maker, rose more than 4% after announcing plans to expand its partnership with Volkswagen in China, with both companies opening their super-fast charging networks in the country to the other’s customers.
MicroStrategy jumped about 4% after announcing plans to raise up to $2 billion of preferred stock to further strengthen its balance sheet and acquire more bitcoin.
Microsoft rose around 1% after Bernstein lifted its price target by $5 to $516, saying concerns around converting capital expenditures to revenue that have pushed away investors should subside shortly.
Plug Power rose about 6% after the U.S. Department of the Treasury released final rules for billions in tax credits for companies involved in making hydrogen in an effort to grow the clean energy industry.
Chewy rose more than 4% after an upgrade to outperform from neutral at Mizuho, which said Chewy’s recent increase in advertising is “opportunistic” and not a sign that pet-related spending is on the decline.
Auto stocks gained after a report that aides to President-elect Donald Trump are discussing only imposing tariffs on certain sectors considered critical to national or economic security rather than on all imports. Lucid Group, Ford Motor, and Tesla shares all rose, with some stocks increasing by as much as 3%.