Stocks - Boeing, Gilead Rise Premarket; Facebook Drops
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, June 29th. Please refresh for updates.
Boeing (NYSE:BA) stock rose 7.3% with the aircraft manufacturer set for a crucial flight test Monday to see if its 737 Max jet can take to the skies again, according to Reuters, citing sources. The 737 Max was grounded after two crashes together killed all 346 people on board. It had been Boeing’s best-selling plane prior to the crashes.
Devon Energy (NYSE:DVN) stock rose 1.5% with the shale energy sector in focus after Chesapeake Energy (NYSE:CHK) filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak.
Facebook (NASDAQ:FB) stock dropped 3.3% after Pepsico (NASDAQ:PEP), Starbucks (NASDAQ:SBUX) and drinks group Diageo (LON:DGE) all said they would pull their ads from the social media giant’s networks, joining the rapidly growing protest over its perceived failure to address the spread of hate speech and disinformation.
Zoominfo stock rose 1.5%, after receiving mostly positive investment recommendations following its IPO. For example, Credit Suisse (SIX:CSGN) starts the tech company at outperform and Mizuho at buy.
Gilead Sciences (NASDAQ:GILD) stock gained 3.3% after pricing its remdesivir drug, still the only drug approved by the FDA for emergency use in Covid-19, at $390 per vial. This is below what most analysts had been projecting.
BP (NYSE:BP) ADR rose 3.6% after the energy giant announced it was selling its petrochemical business to U.K.-based Ineos for $5 billion. BP said the move means it has met its $15 billion divestment target a year ahead of schedule.
Coty (NYSE:COTY) stock rose 18% after the cosmetics company said it will pay $200 million for a 20% stake in Kim Kardashian West’s makeup brand.
Beyond Meat (NASDAQ:BYND) stock fell 2.2% after Barclays (LON:BARC) downgraded its investment stance to underweight from overweight, citing the impact of lockdowns on food service channels. Restaurant Brands (NYSE:QSR) stock fell 0.5% after the fast-food chains’ transactions fell 13% in the week ended June 7 compared with the year-ago period. This still represents an improvement from the plunge in spring when the Covid-19 outbreak first hit.
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