Take a look at some of the biggest movers in the premarket:
McDonald’s (MCD) – McDonald’s halted further reopenings of dine-in service at its restaurants, postponing them by three weeks due to a rise in Covid-19 cases. Restaurants, where dine-in service had already resumed, will be allowed to continue offering it if their local jurisdictions allow it.
Tesla (TSLA) – Tesla delivered 90,650 vehicles during the second quarter, exceeding expectations of 72,000. Separately, Wedbush Securities increased its price target on the stock to $1,250 from $1,000, saying its “bull case” could see the stock rise as high as $2,000. However, Wedbush’s rating on the stock remains “neutral”.
JetBlue (JBLU) – The airline reached a deal with its pilots union that will avoid involuntary furloughs until May 1, 2021, according to a memo sent to its pilots and seen by CNBC. The memo did not give any further details.
Facebook (FB) – CEO Mark Zuckerberg told employees at a video town hall meeting last week that he was reluctant to bow to the ongoing ad boycott, saying that advertisers would return “soon enough.” Facebook told CNBC that it is making real progress in keeping hate speech off its platforms, and that it does not benefit from this kind of content.
American Airlines (AAL) – The airline said it was overstaffed by about 8,000 flight attendants, and may seek to cut the workforce through voluntary leaves and early retirements.
PG&E (PCG) – PG&E has exited bankruptcy protection, following the utility’s implementation of a financial restructuring plan approved by a judge and California state regulators.
Boeing (BA) – Boeing and the Federal Aviation Administration (FAA) have completed a series of recertification test flights for the grounded 737 Max jet. The FAA will now conduct a data review, and still must approve a pilot training program and other details before the jet can return to service.
Nio (NIO) – The China-based electric vehicle maker delivered 3,740 vehicles during June, a monthly record, and exceeded prior guidance with second-quarter deliveries of 10,331 vehicles.
Lemonade (LMND) – Lemonade priced its initial public offering at $29 per share, above the already-raised range of $26 to $28 per share. The online insurance company will begin trading today on the New York Stock Exchange.
HollyFrontier (HFC) – CVR Refining and HollyFrontier have both cut their workforces in recent weeks, according to sources who spoke to Reuters. Refining profit margins have dropped amid the coronavirus pandemic, and refining companies have been slashing operating expenses.
Nu Skin Enterprises (NUS) – The health products company raised its revenue outlook for the quarter that ended in June, on strong demand in the Americas and Europe. Nu Skin is scheduled to report earnings on August 5.
DocuSign (DOCU) – RBC Capital increased its price target on the stock to $210 from $170, while maintaining an “outperform” rating. RBC sees the electronic signature technology company taking a disproportionate share of the workflow digitization market.
Novartis (NVS) – Novartis will pay more than $729 million to settle U.S. charges that the drugmaker paid illegal kickbacks to doctors and patients to help drug sales. Novartis accepted responsibility for many of the allegations, and said it is now a different company with a strong culture and commitment to ethics.