By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, July 7th. Please refresh for updates.
Didi Global (NYSE:DIDI) ADR fell 3.9%, continuing Tuesday’s hefty 20% losses over concerns over Chinese regulatory actions. Authorities in China have increased the scrutiny of their firms listed on U.S. exchanges on concerns over the end-use of the consumer data they hold.
Royal Dutch Shell (LON:RDSa) ADR rose 0.9% after the oil major announced plans to accelerate the return of money to shareholders after a sharp rise in crude and gas prices. It's also scrapped its plan to reduce net debt below $65 billion, suggesting that it's confident that it can generate enough cash to satisfy both shareholders and the ratings agencies.
Amazon (NASDAQ:AMZN) stock rose 0.7% and Microsoft (NASDAQ:MSFT) stock rose 0.5%, with the fast-growing tech giants benefiting from falling U.S. bond yields. These two will also be in focus after the Pentagon cancelled the awarding of a $10 billion Cloud computing contract, originally handed to Microsoft.
Sunnova Energy (NYSE:NOVA) stock rose 3.9% after Raymond James upgraded its stance on the solar company to ‘strong buy’ from ‘buy’, saying the fall in its price this year after the rise in interest rates creates a buying opportunity.
Boston Beer (NYSE:SAM) stock rose 2.5% after Credit Suisse (SIX:CSGN) upgraded its stance on the brewer to ‘outperform’ from ‘neutral’, saying the move into hard seltzer will eventually pay off.
Whirlpool (NYSE:WHR) stock rose 1% after JPMorgan (NYSE:JPM) called the home appliance manufacturer a “top pick”, saying the “hated name” can beat low expectations.
Visa (NYSE:V) stock rose 0.3% after the credit card company stated that more than $1 billion worth of cryptocurrency was spent by consumers globally in the first half of the year.
Morgan Stanley (NYSE:MS) stock rose 0.1%, outperforming the sector after KBW called the investment bank one of its ‘top ideas’, saying the stock can jump another 27% with the market underestimating the improvements in its balance sheet.