This morning’s pre-market trading session saw significant activity among major stocks, including United States Steel, Unity Software, and Boeing. These companies stood out for their notable stock price moves, triggered by various internal and industry developments.
United States Steel has seen a decline, partly influenced by political statements that could impact its operations. In contrast, Unity Software and Boeing have also made headlines with their stock movements, reflecting investors’ reactions to the latest corporate news and market conditions.
Investors and market observers are closely monitoring these fluctuations as they can indicate broader economic trends and industry-specific developments. Changes in these stocks are particularly scrutinized for their potential implications for investment strategies and market sentiment as the trading day progresses.
Check out the companies making headlines before the bell. United States Steel — The industrial stock fell 6% after Vice President Kamala Harris opposed the planned sale of United States Steel to Japan’s Nippon Steel. She made the comments at a Labor Day rally in front of union members in Pittsburgh, Pennsylvania, where she said United States Steel was “a historic American company and it’s critical to our country that we keep American steel companies strong.” Boeing — Shares fell 3% after Wells Fargo downgraded the aircraft maker from equal weight to underweight. Analyst Matthew Akers cited the company’s surge in free cash flow as the reason for the downgrade. Unity Software — The video game maker rose 6% after Morgan Stanley upgraded the stock from equal weight to overweight. The bank cited Unity’s position as a “transparent game engine” and reduced the risk of future estimates as catalysts for the stock. NetApp — The data storage stock added 1.6% after a hold upgrade at Loop Capital. Loop analyst Ananda Baruah listed several catalysts, including NetApp’s cloud storage software partnerships and a recent retreat. Novartis — Shares fell 1.7% after Jefferies downgraded them from buy to hold. Analyst Peter Welford noted that while he is optimistic about the drugmaker’s long-term trajectory, Novartis will need until 2025 to ramp up its approvals. Bank of America — Shares of the bank fell just a fraction. Warren Buffett’s Berkshire Hathaway, which began reducing its stake in Bank of America this summer, said Friday that it sold more shares last week. Merck — The pharmaceutical giant announced Tuesday that the European Commission has approved a combination drug that includes Merck’s Keytruda as a treatment for bladder cancer. Merck shares were nearly flat. — CNBC’s Michelle Fox and Jesse Pound contributed to this report.
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