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Stocks - Morgan Stanley Falls in Premarket on E-Trade Deal

Published 02/20/2020, 08:15 AM
Updated 02/20/2020, 08:37 AM
© Reuters.

By Geoffrey Smith

Investing.com -- Stocks in focus in premarket trade on Thursday, February 20th. Please refresh for updates.

  • 8:47 AM ET: ING Group (NYSE:ING) ADRs were up 0.9% after the Dutch bank lost its CEO Ralph Hamers to Swiss banking giant UBS Group (NYSE:UBS). UBS’s local stock in Zurich was up 2.5% on the news.

  • The move indicates UBS intends to concentrate on catching up in digital banking, an area where it has lagged in recent years.

  • ING’s stock in the Netherlands had fallen sharply on Wednesday after the company pulled an issue of subordinated securities, something likely to be only a temporary disruption.

    • 8:42 AM ET: Hydrogen fuel cell maker Plug Power (NASDAQ:PLUG) moderated its hyperbolic ascent, rising 2.8% after rising 30% in two days on nothing but speculation in the potential of alternative energy technologies.

  • 8:36 AM ET: Virgin Galactic (NYSE:SPCE) stock rose a modest 2.5%, after surging 23% to a fresh record high on Wednesday in a frenzy of retail buying.

  • Reuters reported on Wednesday that short interest in the stock has risen to 31% of the outstanding free float, with traders paying interest rates of up to 34% to borrow the stock ahead of shorting it.

  • 8:30 AM ET: Tesla (NASDAQ:TSLA) stock inched down 1.1%, pausing for breath after hitting another record high on Wednesday on the back of an upgraded price target from Piper Sandler analysts.

  • Earlier Thursday, Bloomberg reported that China is considering extending subsidies for purchases of ‘new energy vehicles’ beyond 2020, one of a handful of measures to support demand in the wake of the coronavirus outbreak.
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    8:24 AM ET: L Brands (NYSE:LB) stock fell 11.6% as chairman and CEO Les Wexner agreed to step down, after selling a controlling stake in Victoria’s Secret, its most valuable asset, to Sycamore Partners for $525 million.

  • 8:16 AM ET: Morgan Stanley (NYSE:MS) stock fell 3.6% after the bank said it will buy online brokerage E-Trade (NASDAQ:ETFC) for $13 billion in an all-stock deal, in a surprising twist to the ongoing consolidation in the brokerage sector.

  • The price is a 30% premium to E-Trade’s value as of Wednesday’s close, and the E*Trade stocks was up 24.2% at $55.80, an 18-month high, in response.

  • The deal is Morgan Stanley's biggest since the financial crisis over a decade ago and takes the Wall Street blue-blood in a radically new direction

  • Domino’s Pizza (NYSE:DPZ) stock was up 17% at a new all-time high after its results for the fourth quarter came in above expectations, reassuring investors that it can still compete in an increasingly difficult food delivery markets

  • Sales at its established U.S. restaurants rose 3.4% in the fourth quarter, ahead of a 2.3% consensus forecast and beating estimates for the first time in over a year.

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