A trader works during the IPO of the Chinese ride-hailing company Didi Global Inc on the floor of the New York Stock Exchange (NYSE) in New York City, the United States, on June 30, 2021.
Brendan McDermid | Reuters
Take a look at some of the biggest movers in the premarket.
I have – Didi’s shares are down about 20% in pre-trading hours Chinese regulators announced a cybersecurity review of the ride-hailing company on late Friday. The move came less than a week after Didi’s public debut on the New York Stock Exchange.
Full Truck Alliance and Boss Zhipin – Chinese regulators too launched an investigation in Boss Zhipin and subsidiaries of the Full Truck Alliance, both of which are listed in Boss Zhipin’s US stocks under the name “Kanzhun”, fell around 10% in early trading. The shares of the Full Truck Alliance collapsed by around 16% in the premarket.
Other Chinese Companies – Shares of other Chinese companies publicly traded in the US also fell after regulators announced cybersecurity reviews. Baidu, Pinduoduo and JD.com The share lost around 2% in pre-trading.
Oil stocks – Stocks of oil companies rose like Oil prices rose to 6-year high after talks between OPEC and oil-producing allies were postponed indefinitely. The S&P oil and gas ETF pre-IPO gains 1.8%, while shares of Occidental Petroleum 1.9% added, ConocoPhillips Shares rose 1.7% and APA Corporation‘s stock climbed 2.2% higher.
American Express – American Express shares gained 2.5% prior to being marketed Goldman Sachs has upgraded the stock to buy of neutral. The company also set a price target of $ 225 per share for American Express, more than 33% above the value the stock closed on Friday. Goldman Sachs said the card inventory should benefit from an increase in consumer spending as the economy recovers.
3M —3M shares fell slightly in early trading Credit Suisse downgraded the industrial products share from Outperform to neutral and cite challenges with legal issues. “Despite the fundamental upside potential due to a cyclical upturn in global IP and a possible rebound in inventories, we believe it will be difficult for 3M to regain its premium multiple at this point in the cycle with two liabilities that are still difficult to quantify.” said analyst John Walsh said.
Pfizer – The pharmaceutical company’s shares fell about 1% after the Israeli Ministry of Health reported a Decrease in the effectiveness of Pfizer’s Covid-19 vaccine in the prevention of infections and symptomatic diseases. However, Israel said Pfizer’s Covid vaccine remains highly effective in preventing serious diseases. The announcement comes as the highly contagious Delta variant spreads in Israel and around the world.
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