Traders work during the IPO of 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 largest moving companies in the premarket.
Didi – Didi's shares fell roughly 20% in pre-trading hours after Chinese regulators announced a cybersecurity review of the driver's service provider 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 also opened an investigation into Boss Zhipin and Full Truck Alliance subsidiaries, both of which are listed in the US stocks of Boss Zhipin, listed under the name "Kanzhun," and fell in early trading by about 10%. . 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. The shares of Baidu, Pinduoduo and JD.com lost around 2% in pre-trading.
Oil stocks – Stocks of oil companies rose as oil prices rose to 6-year highs after talks between OPEC and oil-producing allies were indefinitely postponed. The S&P Oil and Gas ETF gained 1.8% pre-IPO, while Occidental Petroleum stocks rose 1.9%, ConocoPhillips stocks rose 1.7% and APA Corporation stocks rose 2.2% .
American Express – American Express stocks rose 2.5% ahead of market after Goldman Sachs upgraded the stock to buy from 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 shares of 3M fell slightly in early trading after Credit Suisse downgraded industrial products from Outperform to neutral, citing legal issues. "Despite the fundamental upside potential due to a cyclical rebound 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 preventing 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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