Tesla, Airlines, Gitlab Rise in Premarket; Exxon, Chevron Slump
By Geoffrey Smith
Investing.com -- Here is a selection of stocks in focus in premarket trading on Tuesday, 15th March. Please refresh for updates.
- Tesla (NASDAQ: TSLA ) stock edged up 0.4% after the report that the company will hike the price of all its cars in the U.S. and the Model 3 and Model Y in China. While it didn’t explain the increase – the second in a week – the news comes as important inputs such as copper and nickel have soared in price.
- Gitlab (NASDAQ: GTLB ) stock rose 14% after the development operations platform company reported solid quarterly results and a stronger-than-expected outlook for the current quarter.
- Hycroft Mining (NASDAQ: HYMC ) stock rose 88% after getting a $56 million equity injection from metals investing guru Eric Sprott and… AMC Entertainment (NYSE: AMC ) CEO Adam Aron said the investment in a gold and silver miner that is yet to recognize any revenue was a “diversification play.” Its first effect will be to divert attention from the 10-month low that the movie theater operator’s stock hit on Monday. AMC stock rose 3.8%.
- Chevron (NYSE: CVX ) stock fell 4.0% and Exxon Mobil (NYSE: XOM ) stock fell 4.2% as oil and gas companies shed their recent gains in parallel with crude oil prices. Crude has fallen back below $100 a barrel for the first time in two weeks due to the spread of Covid-19 in China, which is threatening to dampen the local demand.
- Airline stocks rose as both American Airlines (NASDAQ: AAL ) and Delta (NYSE: DAL ) upgraded their outlooks. Sentiment was also boosted by the prospect of cheaper fuel.
- Softbank (OTC: SFTBY ) ADRs fell 3.8% on concerns about its exposure to China through Alibaba (NYSE: BABA ) and other holdings. News that its ARM chip design arm intends to cut up to 15% of its staff also cast doubt over the valuation of that unit.
- Tencent (HK: 0700 ) (OTC: TCEHY ) ADRs fell another 5.6%, extending Monday’s 9% slide, which came after reports that it is facing a big anti-money laundering fine at home. The news continues to weigh on the Chinese Internet sector more broadly, reviving fears of regulatory action against what is perceived to be excessive concentrations of wealth and commercial power.
- LVMH (PA: LVMH ) (OTC: LVMUY ) ADRs inched 0.3% higher, recovering from overnight losses in Europe in response to the imposition of a ban on exports of luxury products to Russia.
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