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Tesla, Sanderson Farms Rise Premarket; Exxon Mobil Falls

Stock MarketsAug 09, 2021 13:34
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By Peter Nurse -- Stocks in focus in premarket trade on Monday, August 9th. Please refresh for updates.

  • Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Halliburton (NYSE:HAL) and Schlumberger (NYSE:SLB) stocks all fell between 1.2% and 2.5% after oil prices slumped as a surge in Covid-19 cases in China resulted in the second-largest consumer in the world introducing new mobility restrictions.

  • Freeport-McMoran Copper & Gold (NYSE:FCX) stock fell 1.6% after the miner and world's largest publicly traded copper producer suffered from the sharp drop in gold and base metal prices.

  • Tesla (NASDAQ:TSLA) stock rose 1.7% after Jefferies upgraded its investment recommendation of the electric car manufacturer’s stock to ‘buy’ from ‘neutral’, saying the company is still an innovation leader and the stock can rally 22% from here.

  • Dollar Tree (NASDAQ:DLTR) stock fell 1.5% after Deutsche Bank downgraded its stance on the discount retailer to ‘hold’ from ‘buy’, saying rising costs will hurt the company’s margins.

  • Alibaba (NYSE:BABA) stock fell 1% after criticism in China’s state media over the e-commerce retailer’s handling of a sexual assault case involving a manager and an employee.

  • Darden Restaurants (NYSE:DRI) stock fell 0.9% after Evercore ISI downgraded its stance on the restaurant chain, saying the market is underestimating how much rising labor costs will hit earnings.

  • Sanderson Farms (NASDAQ:SAFM) stock rose 7.5% after the meat producer agreed to be bought for $4.53 billion by commodities trader Cargill and investment firm Continental Grain.

  • Uber (NYSE:UBER) stock fell 0.3% after the ride-hailing firm announced plans to raise $1.5 billion in debt via an issue of senior notes.

  • NetEase (NASDAQ:NTES) stock rose 2.2% after Reuters reported that the tech company has delayed the $1 billion Hong Kong initial public offering of its music streaming service Cloud Village.

  • Tyson Foods (NYSE:TSN) stock rose 3.6% after the beef and poultry producer beat quarterly expectations, helped by restaurants reopening after the pandemic.

Tesla, Sanderson Farms Rise Premarket; Exxon Mobil Falls

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