The stock market rally continues. U.S. stocks are headed for a higher open, following global equity markets in Monday morning trading.
Hong Kong’s Hang Seng Index is up 1.1%. Europe’s FTSE 100 Index is up 0.4%. In the U.S., Dow Jones Industrial Average and S&P 500 futures have advanced 0.4%. Nasdaq Composite futures have risen 0.5%.
No new bad news over the weekend in the Middle East is part of the reason for the good feelings. But that fact also has oil prices—and some oil stocks—lower in premarket trading. International crude prices are down 0.5%. Oil field services and equipment supplier Schlumberger (ticker: SLB) stock is off 4.3%.
Spotify (SPOT) shares are also down in premarket trading, by about 1.3%. Evercore ISI analyst Benjamin Black downgraded the stock from the equivalent of Hold to Sell. He has a $115 target price for the stock, down more than 25% from recent levels.
Yet as you’d expect in a strong market, it isn’t taking much to get some stocks trending higher. Beyond Meat (ticker: BYND) shares, for instance, cracked $100 again in premarket trading, up about 4.8%. The stock is up because it’s volatile. There isn’t much news to pin the gains on. McDonald’s (MCD) said recently it is expanding it’s plant based burger—made with a Beyond Meat patty—in Canada. And Beyond shares started rallying last week after rival Impossible Foods unveiled Impossible Pork at the Consumer Electronics show. Beyond stock has ranged from $25 to more than $230 over the past year.
Boeing (BA) shares are also up 1% in premarket trading. Like Beyond shares there isn’t a lot of news to pin gains on. Boeing released compensation details for incoming CEO Dave Calhoun on Friday evening. He takes the reins at the embattled aerospace giant this week.
Merger news in the aerospace industry also has other stocks moving. Engine parts maker Woodward (WWD) shares are up 0.4%. Advanced materials supplier Hexcel (HXL) shares are up 1.5%. The pair announced a merger of equals in an all-stock transaction Sunday afternoon.
Write to Al Root at allen.root@dowjones.com
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January 13, 2020 at 07:20PM
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Monday Premarket Stock Movers: Beyond Meat, Spotify, Boeing and More - Barron's
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