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Stocks Moving Premarket: AMC, Archer Daniels Midland, Slack - Barron's

Stocks Moving Premarket: AMC, Archer Daniels Midland, Slack - Barron's

Stocks Moving Premarket: AMC, Archer Daniels Midland, Slack - Barron's

Text size Positive U.S.-China trade news and, potentially, movie theater re-openings, have investors more optimistic going into the weekend. Stocks are poised to open higher. Dow Jones Industrial Average futures are up 0.9%. S&P 500 and Nasdaq Composite futures have each gained 0.8%. Including Friday�s premarket gain, the Dow has gained back almost 50% of last week�s 1,500-point drop. Overseas shares are higher too. Hong Kong�s Hang Seng Index, for instance, closed up 0.7%. Europe�s FTSE 100 Index was 1.3% higher. Some of the strength came from news Thursday that China reiterated its commitment to buy billions of dollars worth of U.S. agricultural products�part of the original U.S.-China trade deal negotiated by President Donald Trump. It�s a good sign for investors worried about fraying U.S.-China relations due to the pandemic. Shares of Archer Daniels Midland (ticker: ADM) and Bunge (BG), big processors of farm products, were up 2.1% and 0.4% in premarket trading, respectively. Cinema giant AMC Entertainment (AMC) also had some good news for investors Thursday, announcing plans to reopen theaters in mid-July, in time for the theatrical release of the live-action Disney (DIS) film Mulan and Warner Bros.� Tenet. Plans for moviegoer safety include: capping attendance at 30% of seating capacity, more cleaning, reduced menu selections, and masks for all employees, among other actions. AMC shares were up 8.2% in premarket trading, while Disney gained about 0.7%. Theater peer Cinemark (CNK) announced similar plans Wednesday. Its shares were up another 2.9% in premarket trading after rising 4.4% Thursday. Oil prices gained ground along with stocks. Oil for July delivery is up 2.4% to almost $40 a barrel, lifting some energy stocks. Occidental Petroleum (OXY) shares, for instance, rose 4.4%, also lifted by news that SunTrust upgraded the shares to the equivalent of Buy with a $25 price target. Stock in energy services giant Halliburton (HAL) was up 3.6%. When stock-index futures rise these days, travel shares�hit hard by Covid-19�typically rise more. That�s the case again Friday. American Airlines (AAL) shares, for instance, were up 2.8% in premarket trading. Stock in cruise operator Carnival (CCL) gained 2.2% after falling 1.4% on Thursday. Shares of Slack Technologies (WORK) were down 1.5% in premarket trading after Goldman Sachs cut its rating on the shares to Sell. The broker has a $30 price target for the stock, below recent trading levels of about $34. Slack has benefited from work-from-home trends. The stock was up more than 50% year to date, as of Thursday�s closing price. Read More
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