Check out the companies making headlines before the market opens. Boeing Co. — Shares of Boeing Co. fell 1.8% after the aerospace company withdrew a pay increase it had offered to its 33,000 machinists who have been on strike since mid-September. S&P Global Ratings said on Tuesday that ongoing strikes would cost Boeing more than $1 billion a month as part of a negative outlook on Boeing’s credit rating as talks broke down again this week. Reddit – Shares rose more than 2% after Jefferies initiated a research note with a buy rating and a high target price on Sreet. The investment firm cited tailwinds for advertising and data licensing. Alphabet shares on Tuesday came after the Justice Department filed a court document in federal court that offers the federal court a range of options, including setting limits or ordering a breakup to end what it calls an illegal monopoly in search. down about 1%. Rio Tinto and Arcadium Lithium – Mining stocks moved in opposite directions after announcing Rio Tinto’s deal to acquire Arcadium for $5.85 a share. Rio Tinto shares fell 1.2%, while Arcadium shares rose 30%. Blackstone — Piper Sandler downgraded the asset manager to neutral from overweight, sending shares down nearly 1%. The investment bank said much of the “good news is priced in” after shares surged following last month’s Fed rate cut. GitLab — Shares of GitLab rose 5% after Morgan Stanley covered the software stock with an overweight rating. Analyst Sanjit Singh said that after decades of fragmentation, GitLab will become a key consolidator in the market due to its numerous offerings in the software delivery pipeline. Alibaba, JD.com, NIO – U.S.-listed shares of major Chinese companies fell again, extending Tuesday’s losses, after officials failed to roll out any major new stimulus plans after the week-long National Day holiday. Alibaba fell 3.2%, while JD.com and NIO fell 4.6% and 2.4% respectively. Chewy — Shares of Chewy rose nearly 2% after TD Cowen covered the pet products retailer with a buy rating. The investment firm expects Chewy shares to rise more than 25% as pet health products are “growing” due to strong retail demand. Norwegian Cruise Line — Shares of Norwegian Cruise Line rose 3.1% after Citigroup upgraded the cruise line to “buy” from “neutral.” Citi said the stock should be able to rise more than 44% as the company shifts strategy. —CNBC’s Sean Conlon, Lisa Han, Alex Harring, Jesse Pound and Hakyung Kim contributed reporting.
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