Check out the companies making headlines before the market opens. American Airlines – Shares of American Airlines rose more than 4% after TD Cowen upgraded the airline to buy from hold and raised its price target to a Wall Street high. The new target implies an upside of about 47% from Friday’s closing price. FuboTV – Shares of the streaming provider jumped more than 60% after the company reached a deal with Walt Disney to merge its live online TV businesses, according to Bloomberg. Bloomberg quoted people familiar with the matter as saying that the new joint venture will include Disney’s Hulu + live TV business, with Fubo holding a 30% stake and Disney holding a 70% stake, and will become the second largest digital pay TV provider after YouTube TV. Boeing – The aircraft stock gained about 2% before the open after Barclays upgraded the company to “overweight.” Analyst David Strauss said Boeing stock’s struggles in 2024 could rebound in the new year on strong deliveries and production. Citigroup – The stock rose 2% after Barclays upgraded the stock to overweight from equal weight. The firm noted that the outlook for large banks has improved and argued that Citigroup may be at a turning point after reporting annual revenue growth and positive operating leverage for the business. CHIP STOCKS – Chip stocks rose on Monday as contract electronics giant Foxconn posted record fourth-quarter revenue. Shares of TSMC and Micron Technology each rose more than 5%, while shares of Nvidia and Advanced Micro Devices rose nearly 3%. Shares of Broadcom, another U.S. chipmaker, rose more than 1%. Xpeng Motors — The U.S.-listed shares of Xpeng Motors rose more than 4% after the Chinese electric car maker announced plans to expand its partnership with Volkswagen in China, with both companies opening up their operations there to each other’s customers. Ultra-fast charging network. After the news was announced, Volkswagen Europe’s share price rose more than 5%. MicroStrategy – Shares rose about 4% after the Bitcoin agency announced it is aiming to raise up to $2 billion in preferred shares. MicroStrategy said it aims to further strengthen its balance sheet and buy more Bitcoin. Microsoft — Shares rose about 1% after Bernstein raised its price target by $5 to $516. Bernstein said concerns about converting capital spending into revenue have kept investors away and should subside soon. Plug Power – The developer of hydrogen fuel cell systems rose about 6% in premarket trading on Monday, after rising 13% on Friday. The moves come after the U.S. Treasury Department released final rules to provide billions of dollars in tax credits to companies involved in hydrogen manufacturing to grow the clean energy industry. Chewy — Shares of Chewy rose more than 4% after Mizuho upgraded the e-commerce stock to outperform from neutral. The investment firm said Chewy’s recent increase in advertising is “opportunistic” and does not indicate that pet-related spending is declining. AUTO STOCK — President-elect Donald Trump’s aides are discussing imposing tariffs on only certain industries deemed critical to national or economic security rather than all imports, the Washington Post reported, citing three people familiar with the matter. , the automaker’s stock price has since risen. Shares of Lucid Group and Ford Motor rose 3% and 2% respectively, while Tesla shares rose more than 2%. —CNBC’s Lisa Kailai Han, Alex Harring, Samantha Subin, Jesse Pound, Brian Evans and Michelle Fox contributed reporting.
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