Stocks making the biggest moves in the premarket: Didi, American Express, Pfizer

A trader works during the IPO of the Chinese ride-hailing company Didi Global Inc on the floor of the New York Stock Exchange (NYSE) in New York City, the United States, June 30, 2021.

Brendan McDermid | Reuters

Take a look at some of the largest moving companies in the premarket.

Didi – Didi’s shares fell about 20% in pre-trading hours after Chinese regulators announced a cybersecurity review of the driver 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 launched an investigation against Boss Zhipin and subsidiaries of Full Truck Alliance, both of which are listed in the US stocks of Boss Zhipin, listed under the name “Kazhun”, which are in early trading about 10% have fallen. The shares of the Full Truck Alliance collapsed by around 16% in the premarket.

Other Chinese Companies – The 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’s shares rose 1.9%, ConocoPhillips shares rose 1.7%, and APA Corporation’s shares 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 upturn 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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