US stock futures fell on Monday as investors digested a deluge of quarterly corporate earnings.
Here are some of the biggest moves in US stocks before the market today:
Shares of United Parcel Service (NYSE:UPS) fell 2% after Barclays downgraded the delivery giant’s investment stance to “underweight” from “equal weight,” citing increased competition from the likes of Amazon (NASDAQ: AMZN) and FedEx (NYSE:FDX), as well as pressure from lower-margin e-commerce growth.
Shares of Kenvue (NYSE:KVUE) rose 5.7% after it announced that activist investor Starboard Value has acquired a stake in the consumer products company behind brands such as Band-Aid and Listerine, which was spun off from Johnson & Johnson (NYSE:JNJ) last year.
Shares of Spirit Airlines (NYSE:SAVE) surged 36% after the carrier reached a deal with the U.S. Bank National Association to extend the deadline by which it must extend or refinance its 2025 bonds to maintain its credit card processing agreement with the bank.
Boeing ( NYSE:BA ) shares rose 3.2% after reports that workers could vote on a new deal that would end a costly five-week strike, while the WSJ reported the company is exploring a sale assets.
Shares of Southwest Airlines (NYSE:LUV) fell 1.3% after a report that discussions have taken place that would give Elliott Investment Management, an activist investor, significant representation on the carrier’s board.
Shares of Humana (NYSE:HUM) rose 4.4% after Bloomberg reported that health insurer Cigna (NYSE:CI), down 3.6%, rekindled efforts to merge with its smaller rival, after giving up the pursuit late last year.
Shares of Tesla ( NASDAQ:TSLA ) fell 1.1% ahead of Wednesday’s quarterly results, when investors and analysts will have a chance to grill CEO Elon Musk about the robot taxi plans after the revelation did not contain key details.
Shares of ServiceNow (NYSE:NOW) fell 2% after Morgan Stanley downgraded the software company to “equal-weight” from “overweight,” citing a lack of significant valuation upside.
Shares of Canada Goose ( NYSE:GOOS ) fell 4.1% after Goldman Sachs downgraded the winter apparel retailer to sell from neutral, citing a less attractive risk/reward basis, driven by in an increasingly competitive category landscape, a slowing global luxury landscape and an unstable macroeconomic situation in China.
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Reference;
Nurse, P. (2024) UPS, Tesla, Southwest Airlines fall premarket; Kenvue, Boeing rise By Investing.com, Investing.com. Investing.com. Available at: https://www.investing.com/news/stock-market-news/ups-tesla-southwest-airlines-fall-premarket–kenvue-boeing-rise-3672524 (Accessed: 21 October 2024).
