By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, May 31st. Please refresh for updates.
Zoom (NASDAQ:ZM) stock rose 1.6% after Daiwa upgraded its stance on the video communications company to ‘outperform’ from ‘neutral’, saying the stock’s recent retreat presents a good entry point.
Unilever (NYSE:UL) ADRs rose 6.3% after the U.K. consumer giant said it had appointed U.S.-based activist investor Nelson Peltz as a non-executive director, opening up to outside influence on its strategy after suffering years of relative underperformance.
Alibaba (NYSE:BABA) ADRs rose 4.4%, JD.com (NASDAQ:JD) ADRs climbed 6.5% and Baidu (NASDAQ:BIDU) stock rose 6.2% after easing of lockdown measures in major Chinese cities and better-than-expected economic data boosted these U.S.-listed Chinese companies.
AMC Entertainment (NYSE:AMC) stock rose 12.8% after its core movie theater business got a fillip from a strong opening weekend for “Top Gun: Maverick”.
American Eagle Outfitters (NYSE:AEO) stock fell 5% after Morgan Stanley downgraded its stance on the clothing retailer to ‘underweight’ from ‘equal-weight’, saying “2023’s lofty targets need a cut”.
Nio (NYSE:NIO) ADRs rose 5.3% after Morgan Stanley said the electric vehicle manufacturer is poised for a comeback as China eases its COVID lockdowns. The bank has an ‘overweight’ rating on the stock.
- Sanofi (NASDAQ:SNY) ADRs fell 4.1% after the U.S. FDA put a trial related to its erectile dysfunction drug Cialis on hold.
- Yamana Gold (NYSE:AUY) stock rose over 17% after the Canadian gold producer agreed to be acquired by Gold Fields (NYSE:GFI), down over 10%, in an all-stock deal valued at $6.7 billion.