Take a look at some of the biggest premarket changes:
Alibaba (BABA), JD.com (JD) — E-commerce stocks were among Chinese companies hit hard by delisting concerns in the US, as well as the impact of new Covid-19 outbreaks in the Chinese tech hub. Shenzhen. Alibaba fell 4.7% in premarket trading and JD.com fell 5.1%.
Occidental Petroleum (OXY), Chevron (CVX) – Morgan Stanley downgraded energy stocks to Equal from Overweight, noting that both stocks have outperformed peers in recent months and now offer less attractive relative valuations. Occidental shares fell 3.3% in premarket trading, while Chevron shares shed 2.4%. Both are also down in line with the fall in oil prices this morning.
Lockheed Martin (LMT) – The defense contractor’s shares rose 1.6% in premarket trading after sources told Reuters that Germany would buy up to 35 Lockheed F-35 fighter jets.
Coupang (CPNG) — Softbank’s Vision Fund has sold its $1 billion stake in a South Korean software company, according to a regulatory filing. The sale of 50 million shares still leaves the fund with 461.2 million Coupang shares. Shares fell 1.2% in premarket trading.
Ford Motor (F) – Ford is forecasting a 12% drop in U.S. sales this year, according to an Automotive News report citing people who attended a meeting with dealers. The publication says Ford has lost 100,000 units this year due to a shortage of parts. Despite the news, Ford added 1% in premarket sales.
Berkshire Hathaway (BRK.B) – Berkshire is calling for the rejection of four shareholder proposals, including replacing Warren Buffett as chairman and a proposal for Berkshire to report on its plans to combat climate risks. Berkshire added 1% in premarket.
Rio Tinto (RIO) – Rio shares fell 2.9% in premarket trading after the mining company offered to buy 49% of Canada’s Turquoise Hill, which it does not yet own, for about $2.7 billion. The price is more than 32% higher than Turquoise Hill’s closing price on Friday.
Tyson Foods (TSN) – Shares of the beef and poultry maker tumbled 1% in premarket trading after BMO Capital Markets downgraded the stock from Outperform to Market. BMO cites the valuation, noting that the Tyson has substantially outperformed the S&P 500 over the past year, as well as the potential for beef margins to fall.