Apple, ViacomCBS Rise Premarket; Nike, Alibaba Fall
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Monday, September 13th. Please refresh for updates.
Apple (NASDAQ:AAPL) stock rose 1%, rebounding to a degree after Friday’s sharp losses in the wake of an adverse ruling in the company's dispute against Epic Games. The iPhone maker is hosting a special event on Tuesday, where it’s expected to reveal several long-awaited products.
Alibaba (NYSE:BABA) ADRs fell 1.6% upon a Financial Times report that suggested Chinese authorities are looking to break up its Alipay associate to reduce its market power.
Live Nation (NYSE:LYV) stock fell 0.1% following the Wall Street Journal reporting that the entertainment group plans to acquire Mexican concert promoter OCESA in a move into Latin America.
Virgin Galactic (NYSE:SPCE) stock fell 3.1% after the space tourism company delayed its first commercial research flight to October after a supplier warned of a possible defect.
Dell Technologies (NYSE:DELL) stock rose 2% following Goldman Sachs (NYSE:GS) adding the computer hardware maker to its ‘Conviction Buy’ list, with the influential bank citing strong cash flow generation and debt repayment plans.
Nike (NYSE:NKE) stock fell 1.3% after investment firm BTIG downgraded its stance on the sports footwear retailer to ‘neutral’ from ‘buy’, saying the ongoing pandemic is causing problems in the company’s supply chain.
ViacomCBS (NASDAQ:VIAC) stock rose 0.9% with the Wall Street Journal reporting that the media giant is planning to shake up the operations of its Paramount Pictures movie and television production unit.
Walt Disney (NYSE:DIS) stock rose 0.6% after the entertainment giant announced it would release the rest of its 2021 films in movie theaters before streaming, a show of confidence that attendances will rebound.
MGM Resorts (NYSE:MGM) stock rose 2% on the back of Bernstein upgrading its investment stance on the resort operator to ‘outperform’ from ‘market perform’, citing its strong presence in the growing sports betting industry. MiMedx (NASDAQ:MDXG) stock fell 52% after its key tissue regeneration therapy failed to meet primary endpoints in two separate clinical trials. The stock had rallied over 60% this year, on hopes that it had put an accounting fraud under its previous management behind it.
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