By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Monday, May 24th. Please refresh for updates.
Virgin Galactic (NYSE:SPCE) stock rose 19% after the space travel company completed its first flight in more than two years, increasing the company’s chance of being commercially successful in taking paying customers into outer space.
AMC Entertainment (NYSE:AMC) stock rose 1.7% after rival Cineworld reported its U.K. reopening weekend had topped expectations as animated comedy “Peter Rabbit 2” drew crowds after months of lockdown, in a promising sign for the cinema industry ahead of the release of summer blockbusters. Its Chinese parent, Wanda, also sold most of its stake last week.
Coinbase Global (NASDAQ:COIN) stock rose 2.9% with the crypto-exchange benefitting from the bounce in the likes of Bitcoin, after a bout of weekend selling fueled by further signs of a gathering Chinese crackdown on the emerging sector. Goldman Sachs also upgraded its stance to ‘buy’.
HP (NYSE:HPQ) stock rose 2.2% after Citigroup upgraded its stance on the tech hardware company to ‘buy’ from ‘neutral’, citing a new growth cycle in personal computers.
Beyond Meat (NASDAQ:BYND) stock rose 3.9% after Bernstein upgraded the faux-meat producer to ‘outperform’, all the way from ‘underperform’, saying sales should improve as the economic reopening continues.
Martin Marietta Materials (NYSE:MLM) stock rose 0.7% after the construction materials supplier said it would buy HeidelbergCement (DE:HEIG)’s assets in California and Arizona for $2.3 billion.
Ford (NYSE:F) stock rose 1.5% after the automaker said its new electric F-150 Lightning Pro would have a starting price for commercial customers of just under $40,000, with the series arriving next year.
Moderna (NASDAQ:MRNA) stock rose 1.5% after the drugmaker agreed a vaccine production agreement with South Korea’s Samsung (KS:005930) Biologics (KS:207940), enabling it to provide its Covid-19 vaccine to markets outside the United States beginning in the third quarter.
Cabot Oil&Gas (NYSE:COG) stock rose 0.5% after it agreed to an all-stock merger of equals with gas producer Cimarex Energy (NYSE:XEC), down 0.8%, valued at $7.35 billion.
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