Stocks making the biggest moves premarket: Boeing, Apple, Nvidia, Facebook & more
Check out the companies making headlines before the bell:
Boeing BA — Boeing is set to tumble following the weekend crash of an Ethiopian Airlines 737 Max 8. The airline grounded the rest of its 737 Max 8 fleet, and the Chinese government took similar action following the crash. Boeing Issued a statement saying it is investigating but currently does not plan to issue any new guidance to operators. The projected loss in Boeing's shares is set to shave more than 250 points off the Dow Jones Industrial Average.
Apple AAPL — Apple was upgraded to "buy" from "neutral" at Bank of America/Merrill Lynch, reversing a call it made in November. The firm said several issues that were negatives at that time have reversed themselves, including inventory levels and growth rates at Apple's services business.
Mellanox Technologies ZZE-FF — Mellanox agreed to be acquired by Nvidia NVDA for about $7 billion in cash, or $125 per share , in Nvidia's largest ever acquisition. The combination of the two chipmakers is designed to reduce Nvidia's dependence on the videogame industry and enhance its presence in the data center market.
Facebook FB — Nomura/Instinet upgraded Facebook to "buy" from "neutral," saying concerns over engagement trends have eased. The firm also points to a faster than expected transition to the Facebook Stories feed.
Deutsche Bank DBK-DE — Deutsche Bank and Commerzbank are both seeing their shares rise in Europe, with reports resurfacing that Germany's two largest banks are exploring a possible merger.
Tesla TSLA — The automaker will raise prices of its high-end vehicles by about 3 percent, although it will maintain the pricing of the $35,000 version of the Model 3. Tesla also said it will keep more of its retail sales open than it had originally planned.
Helen of Troy HELE — Helen of Troy is putting its beauty unit up for sale, according to a Wall Street Journal report citing people familiar with the matter. The division, which makes products like Pert shampoo and Revlon hair dryers, is expected to bring in about $300 million if sold.
FireEye FEYE — FireEye was upgraded to "overweight" from "neutral" at J.P. Morgan Chase in a valuation call, noting underperformance by the stock and strong growth in December billings for the cybersecurity software company.
Oracle ORCL — Oracle was downgraded to "reduce" from "buy" at Nomura/Instinet, saying the business software giant has significantly underinvested in research and development among other factors.
Elanco Animal Health ELAN — Elanco became a fully independent company as of today, following its separation from Eli Lilly LLY .
Baker Hughes BHI — Goldman Sachs added the oilfield services company's stock to its "Conviction Buy" list, noting that Baker Hughes has a strong balance sheet, is returning cash to shareholders, and is focused on growing market share and increasing margins.
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