Stocks - General Motors, Airlines Fall Premarket, Energy Stocks Gain
16 September 2019, 18: 12
Stocks in focus in premarket trading on Monday:
• General Motors (NYSE:) stock fell 2.4% in premarket trade by 8:20 AM ET (12:20 GMT) as its workers went on strike in their first nationwide walkout since 2007.
• Energy stocks got a boost after attacks on Saudi Arabia’s oil fields caused a surge in oil prices. Exxon Mobil (NYSE:) gained 4.0%, Chevron (NYSE:) rose 3.3% and Continental Resources (NYSE:) rose 12.9%.
•American Airlines (NASDAQ:) fell 5.2% and United Airlines (NASDAQ:) fell 3.7% while Delta Air Lines (NYSE:) fell 3.4% on the prospect of higher fuel costs in the wake of the attacks on Saudi Arabia.
• Apple (NASDAQ:) stock inched down 0.4% after Walt Disney (NYSE:) CEO Bob Iger resigned from Apple’s board of directors, pre-empting a possible conflict of interest as the two companies prepare to launch competing video streaming services. A sharp decline in Chinese mobile phone sales in August also weighed on Apple's stock.
• Aurora Cannabis (TSX:) stock slumped 5.2% after it was downgraded to ‘sell ‘ from ‘hold’ at Stifel Nicolaus, citing the sector's fall from grace with investors and the company's own near-term outlook.
• Boeing (NYSE:) stock slipped 0.6% after the head of the UAE’s Civil Aviation Authority said he did not think the 737 Max would return to service by the end of the year.