After slipping another $6.31 on Friday, shares of Boeing (NYSE:BA) are down another $2.45 in pre-market on news customers are grounding the 737 Max through early March 2020. All after global regulators raise concerns about documentation for the 737-software fix.
According to Investor’s Business Daily, “Southwest, the top Boeing 737 Max customer, previously had canceled those flights through Feb. 8, while American can canceled them through January. For now, Air Canada has removed the Boeing 737 from its flights through Feb. 14 and United Airlines (UAL) through January.”
Alibaba Group (BABA)
BABA is down slightly even after reports of a strong Singles’ Day sales of $31 billion.
“Singles Day is being held up as a bellwether of Chinese consumers’ willingness to spend in the face of a domestic slowdown” wrote Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, as quoted by CNN. But “deeply discounting prices always brings consumers out to play, no matter how bad the economy might be.”
Tesla Inc. (TSLA)
TSLA is gaining traction pre-market after Jefferies raised its price target on the stock to $400 per share from $300 a share, noting gross margin levels that are consistent with sustained profitability, says CNBC. TSLA shares gapped higher from $261 to $337 in recent days.