Investing.com - Stocks in focus in premarket trading on Tuesday:
• Fiat Chrysler (NYSE:FCAU) stock surged 8.2% by 8:15 AM ET (12:15 GMT) after it proposed merging with France’s Renault (PA:RENA), a move the French company will decide on as early as next week. The merger would make it the third-largest auto group by sales, behind Toyota and Volkswagen (DE:VOWG_p).
• Alibaba (NYSE:BABA) stock was up 1.1% after reports that the company is considering raising as much as $20 billion through a public listing in Hong Kong.
• Advanced Micro Devices (NASDAQ:AMD) was up 2.5% after a well-received launch for its new Ryzen chip
• Meredith Corporation (NYSE:MDP) stock was unmoved after the media company sold Sports Illustrated for $110 million to Authentic Brands. Meredith will still publish, manage and be responsible for advertising, video and social media, while Authentic Brands plans to seek licensing deals for the Sports Illustrated name.
• Total System Services (NYSE:TSS) stock gained 2.5% after it agreed to merge with Global Payments (NYSE:GPN) in a $21.5 billion stock deal. The combined deal will make it a leader in integrated payments.
• General Electric (NYSE:GE) stock dipped 0.3% on news that it is cutting 1,000 jobs in France, which could put it at odds with the French government. The French government has consistently asked GE not to cut jobs in the country.
• Beyond Meat (NASDAQ:BYND) stock was up 1.8% after J.P. Morgan Securities initiated coverage with an overweight rating and price target per share of $97, CNBC reported.
• Activision Blizzard (NASDAQ:ATVI) stock rose 3.2% after Goldman Sachs (NYSE:GS) upgraded the company to buy from neutral, noting the impact of new and upcoming content.