By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, July 6th. Please refresh for updates.
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Didi Global (NYSE:DIDI) ADRs fell 20% after authorities in China blocked the company from accepting new users and told mobile app stores to take the company’s ride-hailing app off their platforms. It's unclear how much the company knew about the regulator's intentions last week. when it was finalizing the sale of billions of dollars of ADRs to U.S. investors.
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Kanzhun (NASDAQ:BZ) ADRs fell 10% after Chinese authorities stopped the online recruitment firm from taking on any more customers until it undergoes a comprehensive examination of cybersecurity risks.
- Weibo (NASDAQ:WB) stock soared 39% after Reuters reported that the Chinese microblogging site's chairman Charles Chao was in talks to take the company private, potentially valuing the firm at over $20 billion.
- AMC Entertainment (NYSE:AMC) stock rose 3.8% after the cinema chain announced it would suspend its plan to issue up to 25 million more shares. The plan had been resisted by shareholders.
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3M Company (NYSE:MMM) stock fell 0.3% after Credit Suisse (SIX:CSGN) downgraded its investment stance on the conglomerate to ‘neutral’ from ‘outperform’, saying legal and environmental issues will hold the stock back.
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American Express (NYSE:AXP) stock rose 2.4% after Goldman Sachs (NYSE:GS) upgraded its investment stance on the financial services company to ‘buy’ from ‘neutral’, saying the stock can rise another 30% as the economy picks up and consumer spending rises.
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Exxon Mobil (NYSE:XOM) stock rose 0.5%, Chevron (NYSE:CVX) stock rose 0.8%, ConocoPhillips (NYSE:COP) stock rose 0.8% and Marathon Oil (NYSE:MRO) stock rose 1.2%, benefiting from crude prices rising to near seven-year highs.
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Pfizer (NYSE:PFE) stock fell 0.7% and BioNTech (NASDAQ:BNTX) stock fell 5.5% after a study in Israel reported a decrease in the effectiveness of the drugmakers’ Covid-19 vaccine, apparently due to the spread of the delta variant of the virus. It remained highly effective in preventing serious illness.
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Barclays (LON:BARC) ADR rose 0.6% after the British bank appointed Evonne Tan, previously the head of private banking for UBS in Singapore, to lead its private banking in the city state, as it seeks to build upon its corporate and investment banking operations in Asia-Pacific.
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Apollo Global (NYSE:APO) stock rose 0.4% after the Wall Street Journal reported that the asset manager is considering a rival bid for WM Morrison Supermarkets (OTC:MRWSY), potentially setting up a potential three-way bidding war with SoftBank’s Fortress Investment Group and U.S. private-equity firm Clayton, Dubilier & Rice.