Amazon, Microsoft, Rivian, UPS, Netflix and more stock market movers
Stock futures edged lower on Wednesday as Wall Street returned from the Independence Day holiday with weak China services activity data denting sentiment. Later in the trading day, investors will monitor the minutes from the Federal Reserve’s June meeting.
Amazon.com (ticker: AMZN ) fell 0.3% in premarket trading and Microsoft ( MSFT ) fell 0.7% after a report by The Wall Street Journal that said the U.S. is preparing to restrict Chinese companies’ access to U.S. cloud computing services. If passed, the rule would likely require Amazon and Microsoft to seek approval from the US government to offer cloud services that use advanced artificial intelligence chips to Chinese customers, the Journal reported.
The move by the Biden administration would follow China̵[ads1]7;s announcement on Monday that it was restricting exports of gallium and germanium, components key to the production of semiconductors.
Rivian Automotive (RIVN) rose 7.8% after production in the second quarter at the electric car manufacturer almost tripled. Rivian made 13,992 electric vehicles in the period and sold 12,640 units. The stock rose more than 17% on Monday, the day the production numbers were released.
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Lumentum ( LITE ) fell 4.5% after the commercial laser maker’s shares were downgraded to underweight from equal weight at Barclays
.
United Parcel Service ( UPS ) fell 2.6% in premarket trade after the Teamsters Union said contract talks with management at the shipping giant have stalled.
Coinbase Global ( COIN ) fell 2.1% to $78.25 in premarket trading after shares of the crypto trading platform were downgraded to neutral from overweight at Piper Sandler
.
The price target was lowered to $60 from $65.
BioMarin Pharmaceutical
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(BMRN) rose 2.1% after the biopharmaceutical company was upgraded to Outperform from Market Perform at BMO Capital.
Netflix ( NFLX ) rose 0.8% to $444.85 in premarket trading as shares of the streaming giant were upgraded to Neutral from Sell by analysts at Goldman Sachs, who also raised the stock’s price target to $400 from $230. Netflix reports results for the second quarter on July 19.
Tesla ( TSLA ) fell 0.4% in premarket trading. Shares rose 6.9% on Monday after the company delivered a record number of electric cars in the second quarter, blowing away expectations.
Write to Joe Woelfel at joseph.woelfel@barrons.com
