Before the bell, take a look at the businesses making news.
Shares of AstraZeneca increased 1.4% after Jefferies upgraded the stock from hold to buy. The boost comes after one of its breast cancer treatments, which it is co-developing with Daiichi Sankyo, posted encouraging findings on Friday in a late-stage experiment.
Urban Outfitters and Foot Locker – Before the bell, Foot Locker’s shares dropped 2.9% and Urban Outfitters’ shares dropped 4% after Jefferies downgraded the two stocks from buy to hold. Reductions in consumer spending, according to Jefferies, may have an impact on the companies.
Dow — In premarket trading on Monday, the petrochemicals company’s shares increased 1.6%. JPMorgan raised the stock’s recommendation from neutral to overweight, noting potential gains from rising oil prices.
Nike – The athletic retailer fell 1.6% after Jefferies cut its rating from buy to hold. The company blamed China’s macroeconomic challenges and wholesale pressures.
Shares of Opendoor Technologies, a real estate company, dropped more than 6% after Citi lowered its price objective on the stock from $3.90 to $2.70. Citi expressed concern about Opendoor due to the dearth of existing homes available on the market. Due to the stock’s low share price of around $3, tiny changes in nominal value can appear to be significant percentage changes.
Source (CNBC)
