Virgin Galactic Rises Premarket; Did Global, Tencent Music Fall By

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By Peter Nurse — Stocks in focus in premarket trade on Monday, July 12th. Please refresh for updates.

  • Virgin Galactic (NYSE:) stock rose 2.9% after the company successfully completed its first full-crew spaceflight over the weekend, taking another important step towards its commercial launch next year. 

  • Didi Global (NYSE:) ADR fell 2.4% after the ride-hailing company warned its revenue would suffer as a result of the Cyberspace Administration of China’s order withdrawing 25 more of its apps from local app stores.

  • Tencent Music (NYSE:) stock fell 2.6% after Reuters reported China’s antitrust regulator is set to order the company’s music streaming arm to give up exclusive rights to music labels it has used to compete with smaller rivals.

  • Walt Disney (NYSE:) stock gained 0.1% after the entertainment giant’s ‘Black Widow’ movie grossed $218 million on its debut weekend, with some $60 million of that generated by distribution through its Disney+ streaming channel. JPMorgan (NYSE:) has also reiterated the company as a ‘top pick’.

  • Nordstrom (NYSE:) stock fell 0.3% after the clothes retailer acquired a minority interest in four brands owned by the online U.K. fashion house ASOS (OTC:), aiming at a younger customer base.

  • Clover Health (NASDAQ:) stock fell 0.8% after JPMorgan downgraded its investment recommendation to ‘underweight’ from ‘neutral’ as the meme stock’s momentum fades with the healthcare company having to improve its fundamental business.

  • Cheesecake Factory (NASDAQ:) stock rose 1.9% after Raymond James upgraded its recommendation to ‘outperform’ from ‘market perform’, saying the market is underestimating the comeback for full-service restaurants.

  • Chevron (NYSE:) stock fell 0.6%, weighed by today’s falling oil prices, and despite BMO saying investors should buy its stock in view of the major’s imminent dividend hike and resumption of buybacks.

  • Prothena (NASDAQ:) stock rose 7% after Danish drugmaker Novo Nordisk (NYSE:) said it  will acquire the drug developer’s experimental heart therapy in a deal that could be worth up to $1.23 billion.

  • Alphabet (NASDAQ:) stock rose 0.4% after Reuters reported that the tech giant’s unit Google will seek to overturn a record 4.34-billion-euro ($5.15 billion) EU antitrust fine at a hearing in September at Europe’s second-highest court.


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