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Tesla, Verizon, Starbucks fall premarket; United Airlines, MGM Resorts gain

Investing.com
·2-min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Monday, December 5th. Please refresh for updates.

Tesla (NASDAQ:TSLA) stock fell 4.3% after Bloomberg reported the electric vehicle manufacturer plans to cut December output of the Model Y at its Shanghai plant by more than 20% from the previous month.

Verizon Communications (NYSE:VZ) stock fell 1.2% after the telecoms giant said Manon Brouillette, CEO of the company's Consumer Group, has stepped down from the role she has held since January.

Apple (NASDAQ:AAPL) stock fell 0.1% after the Wall Street Journal reported the tech giant was eyeing plans to move production out of China at the weekend. Foxconn (TW:2354), Apple's contract manufacturer, said its revenue fell 29% in November from October due to extreme disruption at its key plant.

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United Airlines (NASDAQ:UAL) stock rose 1.4% after Morgan Stanley upgraded its stance on the carrier to 'overweight' from 'equal-weight', saying the stock could rise more than 50% in 2023, which could be a 'goldilocks' year.

Starbucks (NASDAQ:SBUX) stock fell 1.5% after Deutsche Bank downgraded its stance on the coffee chain to 'hold' from 'buy', saying it's a valuation call with further gains harder to come by.

MGM Resorts (NYSE:MGM) stock rose 3% after Truist upgraded its stance on the casino operator to 'buy' from 'hold', saying a strong Las Vegas Strip calendar in 2023 will prompt gain of more than 30%.

AT&T (NYSE:T) stock fell 0.3% after the telecoms giant agreed to pay a $6.25 million penalty to settle an SEC lawsuit accusing the phone company of selectively leaking financial information.

Credit Suisse (NYSE:CS) stock rose 2.6% following a Wall Street Journal report that Saudi Arabia's Crown Prince Mohammed bin Salman and U.S. private equity investors are preparing to build stakes in the lender's new investment bank.

Alibaba (NYSE:BABA) stock rose 4.2% and JD (NASDAQ:JD) stock rose 4.2% as the U.S.-listed Chinese companies gained on optimism that China was set to announce the further easing of its strict COVID curbs in the near future.

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