Welcome to Extreme Investor Network, where we provide you with the latest updates on companies making headlines in the premarket trading session. Today, we have some exciting news to share with you about top stock picks and market trends that could impact your investment strategy.
Spotify has been named a top stock pick by Wells Fargo, with analyst Steven Cahall highlighting the company’s rising margins, strong product mix, and evolving record label relationships. This news has propelled Spotify’s stock price up by more than 2% in premarket trading.
Retail investing company Robinhood also made waves by announcing that users can now trade contracts on the 2024 presidential election, featuring candidates like Kamala Harris and Donald Trump. This development has boosted Robinhood’s stock by 2%.
Boeing, on the other hand, faced a slight dip in its shares as the planemaker launched a stock offering to raise $19 billion. This move is aimed at fortifying the company’s finances amid challenges like a worker strike and production issues.
Oil companies like Occidental Petroleum, Exxon, and BP saw a decline in their shares as crude prices fell following news that Iranian energy facilities were undamaged by an Israeli attack. However, Citi analysts believe that this event is unlikely to disrupt oil supply.
In the fast-food sector, McDonald’s shares rose by 1% after the company announced the return of its Quarter Pounder burger to 900 restaurants. This comes after a recent E. coli outbreak linked to slivered onions in the burger, causing a drop in McDonald’s shares last week.
Chip manufacturer Taiwan Semiconductor Manufacturing also experienced a decrease in its shares after suspending shipments to a China-based chip designer over national security concerns. On the other hand, ON Semiconductor saw an increase in its shares after surpassing analyst expectations in its third-quarter earnings report.
Tesla’s stock inched up by 0.7% following a price target hike by Canaccord Genuity, predicting strong earnings trends for the electric vehicle maker. Nio, the Chinese automaker, also received an upgrade to outperform from Macquarie, citing robust orders for its model Onvo L60.
Delta Air Lines saw a 2% increase in its shares after suing CrowdStrike for breach of contract and negligence following a July outage that led to 7,000 flight cancellations.
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