Before the bell, have a look at the businesses making news:
Walt Disney — Shares of the media mogul increased more than 1% on news that activist investor Nelson Peltz’s Trian Fund Management has increased its holding and would run for numerous board positions, including one for himself, according to The Wall Street Journal.
Shares of the chipmaker Arm Holdings increased by about 3% after JPMorgan started covering the business with an overweight recommendation and praised its potential for growth in the car industry.
Spotify Technology Redburn Atlantic lowered shares from buy to neutral, causing the music streaming service to drop 2%. The company highlighted a number of factors, such as the company’s recent move to include audiobooks in its premium membership package, which diluted gross margins.
Zscaler – After Barclays raised the cloud security provider to an overweight rating, the stock teetered on the upswing. The upgrading was motivated by a new growth opportunity in a developing market, according to analyst Saket Kalia.
Oracle – After Evercore ISI upgraded Oracle from in line to outperform, shares increased by around 1%. After its recent pullback, the Wall Street firm claimed that the software stock is at an advantageous entry point.
Occidental Petroleum, Exxon Mobil, and Chevron — Following the weekend attack on Israel by the Palestinian militant group Hamas, oil prices surged, causing an increase in energy stock prices. Exxon, Chevron, and Occidental all saw gains of over 2% and over 3%, respectively.
Tesla — Tesla shares decreased by more than 1% after statistics from the China Passenger Car Association revealed that the company’s sales in China decreased by 10.9% last month compared to the same period in 2017. Sales for the competitor BYD increased by more than 40%.
Source (CNBC)
