Check out the companies making headlines before the bell.
JD.com (JD) — Shares of JD.com gained 1.5% in early morning trading after the Chinese e-commerce giant appointed a new president. The company’s founder and CEO Richard Liu is stepping back from day-to-day operations, while Xu Lei, previously CEO of JD Retail, will take the president role and fulfill those duties.
Boeing (BA) — Boeing shares dipped 0.8% in premarket trading after Ryanair, one of Boeing’s biggest customers, said it ended talks to purchase 737 MAX 10 jets. The deal would have been worth tens of billions of dollars. Ryanair cited disputes over prices.
Moderna (MRNA) — The biotechnology and pharmaceutical stock ticked 1.3% lower in early morning trading after White House chief medical advisor Dr. Anthony Fauci said the rollout of Moderna’s Covid-19 vaccine booster shots in the U.S. could be delayed. Fauci said Pfizer‘s booster shots will likely be ready by Sept. 20; Pfizer shares ticked 0.2% higher in the premarket.
PPG Industries (PPG) — Shares of the paint maker dropped 4.8% in premarket trading after the company warned that supply chain disruptions and higher input costs are expected to weigh on sales this quarter. PPG expects third-quarter sales to be $275 million, $225 million lower than the company’s forecast at the start of the quarter.
Spotify (SPOT) — Spotify shares gained 4.2% in the premarket after KeyBanc upgraded the music streamer’s stock to overweight from equal weight. KeyBanc said Spotify is growing its user base faster than peers.
Johnson & Johnson (JNJ), Merck (MRK), Amgen (AMGN) — Morgan Stanley downgraded several large-cap pharmaceutical stocks, saying upside is limited for those names. The firm changed its ratings on Johnson & Johnson, Merck and Amgen to equal weight from overweight. All three names moved lower in the premarket.
Terminix (TMX) — Shares of Terminix added 4.3% in the premarket after Bank of America double upgraded the stock to buy from underperform. Bank of America said the pest control company’s turnaround “will take time to fully deliver,” but it sees a “more positive risk-reward today.”
Cirrus Logic (CRUS) — Cirrus Logic shares gained 3.4% in early morning trading after Barclays upgraded the semiconductor stock to overweight from equal weight. Barclays sees further content gains at Apple benefiting Cirrus Logic over the next few years.
Match Group (MTCH) — Shares of Match Group surged 9.5% in the premarket after news that the company would join the S&P 500 later in September. The online dating company will replace Perrigo Company.
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