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Southwest Falls in Premarket; Meituan ADRs, Exxon Mobil Rise

Stock Markets Oct 11, 2021 08:42AM ET
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© Reuters.

By Geoffrey Smith

Investing.com -- Stocks in focus in premarket trading on Monday, 11th October. Please refresh for updates

  • Southwest Airlines (NYSE:LUV) stock fell 2.6% after a heavily disrupted weekend for flight movements, as bad weather in Florida led to cascading problems of aircraft and personnel availability. The airline canceled over 1,000 flights on Sunday, or more than a quarter of its schedule. 
  • Aspen Tech stock rose 4.2% after Emerson (NYSE:EMR) Electric agreed to spin off its industrial software operations into the company in a deal aimed at creating a more full suite of services to large industrial customers. Emerson stock was unchanged, having traded down earlier in the premarket session
  • Hasbro (NASDAQ:HAS) stock fell 1.3% after the company announced that CEO Brian Goldner will take medical leave, with immediate effect. Rich Stoddart, the company's lead independent director, will take over the role of CEO on an interim basis. 
  • Meituan ADRs rose 4.7% to their highest in two and a half months after the company escaped largely unscathed from an antitrust probe. China's competition watchdog fined it $534 million for various abuses of a dominant position in the food delivery market. Other Chinese ADRs rose in sympathy, on hopes that the worst case scenario envisaged by some under Beijing's crackdown on tech companies can be avoided.
  • Exxon Mobil (NYSE:XOM) stock rose 1.5% to a three-month high as crude oil prices continued their ascent. U.S. crude futures hit a fresh seven-year high as trading in New York began, still supported by a sharp squeeze on gas and coal markets worldwide. 
  • AstraZeneca (NASDAQ:AZN) ADRs rose 0.6% after it reported promising trial results for an experimental antiviral drug for treating Covid-19. The company said the drug reduced the risk of serious illness by half in a trial a little larger than the one carried out by Merck (NYSE:MRK)for a similar drug.
  • Merck stock rose 0.6% after the pharma company formally requested emergency use authorization for its antiviral Covid-19 pill, which could become the first effective orally-administered drug against the coronavirus.
  • KKR  (NYSE:KKR) stock rose 0.8%, extending Friday's gains as the private equity giant's two remaining founders said they will step down and hand the reins to long-time company insiders.

 

 

Southwest Falls in Premarket; Meituan ADRs, Exxon Mobil Rise
 

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Comments (7)
Rodney Dangerfield
Rodney Dangerfield Oct 12, 2021 1:14AM ET
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labor shortage can't some rag heads learn to fly these planes in a couple days with enough skill to maneuver it to hit a building... huh who would have thought somebody who lives in a dirt house has so much potential
Co Gonz
Co Gonz Oct 11, 2021 9:36AM ET
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the weather in florida is fine- I just drove from Daytona to Miami then over to Naples area and didn't hit anything other than light rain
Franco Dominguez
Franco Dominguez Oct 11, 2021 9:34AM ET
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Airlines cancel a lot of flights for Powell forces inflation reduces without tapering
Peter Blocked
Peter Blocked Oct 11, 2021 9:32AM ET
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Correct yourself. It wasn’t bad weather. Are you even in Florida? Weather was great this weekend. It was a controller stike,
Felipe Daniel
Felipe Daniel Oct 11, 2021 9:14AM ET
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Airlines are falling due to mandating jab and not having enough labor now
Todd Holaday
JustWilliam Oct 11, 2021 9:14AM ET
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Thank you! Media seems to be afraid to state the obvious.
Felipe Daniel
Felipe Daniel Oct 11, 2021 9:13AM ET
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Airlines are falling due to vaxx mandate labor issue
Mitchel Pioneer
Mitchel Pioneer Oct 11, 2021 8:50AM ET
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Let the pre-market fraud begin.  Criminally manipulated JOKE.
 
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