Boeing, Spirit Airlines Rise Premarket; Vroom, Sage Therapeutic Fall

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By Peter Nurse — Stocks in focus in premarket trade on Tuesday, June 15th. Please refresh for updates.

  • Boeing (NYSE:) stock rose 0.5% after the U.S. and the E.U. decided to end their 17-year dispute over aircraft subsidies to the plane manufacturer and its rival Airbus. The subsidies made it difficult for both to land contracts from airlines based in each other’s territories.

  • Biogen (NASDAQ:) stock fell 0.3% after the drugmaker’s study testing a treatment for a rare eye disease failed to meet its target.

  • Spirit Airlines (NYSE:) stock rose 2.9% after Citigroup upgraded its recommendation on the budget airline to ‘buy’ from ‘neutral’, saying the stock looks cheap after three months of weakness.

  • Exxon (NYSE:) stock rose 0.9% after {0|Bank of America}} said that the recent upheaval in the oil major’s board, along with aggressive cost cutting and oil price rises, means it’s likely to lift its dividend before the end of the year. The bank sees Exxon’s stock rising 45%.

  • Lordstown Motors (NASDAQ:) stock fell 0.7% after R. F. Lafferty downgraded its recommendation on the troubled electric vehicle maker to ‘sell’ from ‘hold’, with a $3 target, suggesting nearly 68% downside from the stock’s last closing level of $9.26.

  • Fastenal (NASDAQ:) stock fell 2.7% after Morgan Stanley downgraded its recommendation on the industrial stock to ‘underweight’ from ‘equal weight’, saying the stock has limited upside and runs an execution risk as it undergoes an internal makeover.

  • Amazon (NASDAQ:) stock rose 0.1% after JPMorgan called the online retailer one of its top picks, saying the dramatic growth of e-commerce over the last 18 months means Amazon is set to overtake Walmart (NYSE:) as the country’s top retailer next year.

  • Vroom (NASDAQ:) stock fell 5.5% after the used-vehicle e-commerce platform provider intends to offer $500 million in convertible senior notes due in 2026, planning to use the proceeds for a variety of corporate purposes as well as investing in or acquiring new technologies.

  • Sage Therapeutic (NASDAQ:) stock fell 13% after the biotechnology company revealed disappointing Phase 3 test results for its depression drug Zuranolone.

  • Ping Identity (NYSE:) stock fell 4.2% after the identity management solutions company announced a 6 million share common stock offering.

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