Stocks making the biggest moves premarket: Macy's, Boeing, Archer-Daniels-Midland and more
Check out the companies making headlines before the bell. Macy’s – Shares of the department store giant added 2% in premarket trading after the company over the weekend rejected a $5.8 billion proposal by Arkhouse Management and partner Brigade Capital Management to take the retailer private. Macy’s cited concerns over deal financing and valuation. Boeing — The airline stock slid 1.8% after the U.S. Federal Aviation Administration recommended operators visually inspect the mid-exit door plugs of Boeing 737-900ER aircraft, which are similar to the ones grounded after the Alaska Airlines flight emergency. Archer-Daniels-Midland – Shares slid nearly 12% after the food processor placed CFO Vikram Luthar on administrative leave amid an investigation into some accounting practices and issued fourth-quarter earnings guidance that fell below prior expectations. Goldman Sachs downgraded the stock following the news. SolarEdge Technologies — Shares gained more than 5% after the solar company said it will cut 16% of its workforce as it looks to reduce operating expenses. B Riley Financial —The financial services stock sank nearly 14% following a Bloomberg report that the U.S. Securities and Exchange Commission is investigating the company’s deals with a client connected to securities fraud. Spirit Airlines , JetBlue Airways — The airlines said Friday that they plan to appeal a federal judge’s ruling that blocks their planed merger. Spirit Airlines added about 1% before the bell, while JetBlue Airways slipped 0.8%. International Flavors & Fragrances — Shares added 1.9% after Morgan Stanley upgraded the fragrance company to overweight from equal weight, citing an end to the stock’s downgrade cycle and bottoming of the consumer cycle as catalysts for share price growth. Home Depot , Lowe’s — Shares fell about 0.7% each after Oppenheimer downgraded the home improvement giants to market perform from an outperform rating, citing a complicated short-term setup. StoneCo — Shares rallied more than 3% after Goldman Sachs upgraded the company to a buy rating, citing new banking and credit revenue opportunities and a “superior” earnings growth outlook within the Brazil payments sector. — CNBC’s Pia Singh, Sarah Min, Tanaya Macheel and Lisa Kailai Han contributed reporting
