Exxon, Spotify, Boeing, McDonald’s and more
Check out the companies making headlines in premarket trading. Spotify — The music platform rose more than 2% after Wells Fargo named Spotify a top stock pick . Analyst Steven Cahall is particularly bullish on the company’s rising margins, strong product mix and evolving record label relationships. The bank currently has an outperform rating on the stock. Robinhood — The stock added 2%. On Monday, the retail investing company announced users can trade a Kamala Harris or Donald Trump contract ahead of the 2024 presidential election. Users must meet certain criteria, including being a U.S. citizen. Boeing — Shares of the planemaker slipped roughly 2% after Boeing launched a stock offering that could raise roughly $19 billion. The move is aimed at strengthening the company’s finances, which have been hit by a worker strike and a slew of production and safety issues. Occidental Petroleum , Exxon , BP — Shares of oil companies edged lower as crude prices slid, after Iranian energy facilities were found not damaged by Israel’s attack over the weekend on Iran’s military installations. Citi analysts said the Israeli strike will likely not lead to an escalation that disrupts oil supply. Occidental Petroleum , Exxon Mobil and BP shares each declined more than 2%. McDonald’s — Shares advanced 1% after the fast food chain said its Quarter Pounder burger would return this week to about 900 restaurants where it was removed following a deadly E. coli outbreak. These locations will serve the burger without slivered onions, which are believed to be the source of the outbreak, for the foreseeable future. McDonald’s shares dropped more than 7.5% last week, marking its worst weekly performance since 2020. Taiwan Semiconductor Manufacturing — Shares of the chip manufacturer shed 2% after TSMC suspended shipments to a China-based chip designer after a chip it made was found on a Huawei AI processor, people familiar with the matter told Reuters. The U.S. in 2020 had restricted Huawei from buying the technology over national security concerns. ON Semiconductor — Shares gained more than 3% after the semiconductor product maker posted adjusted earnings per share of 99 cents and revenue of $1.76 billion for the third quarter. Those results exceeded expectations from analysts polled by FactSet, who forecasted the company would earn 97 cents per share on revenue of $1.75 billion. Tesla — The electric vehicle maker’s shares inched up by 0.7% after Canaccord Genuity hiked its price target on the stock, saying Tesla’s earnings trends will get closer to other “Magnificent Seven” companies in the current quarter and outperform them next year. Nio — Shares rose more than 2% after the Chinese automaker was upgraded to outperform from neutral at Macquarie, which cited accelerating volumes in the current quarter due to strong orders of model Onvo L60. Delta Air Lines — Shares gained 2% after Delta Air Lines on Friday sued CrowdStrike , alleging breach of contract and negligence following the July outage that led to 7,000 flight cancellations. — CNBC’s Sarah Min, Alex Harring, Lisa Kailai Han, Sean Conlon and Michelle Fox contributed reporting.
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