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Stocks - Boeing and Its Suppliers in Focus in Premarket

Published 17/12/2019, 13:26
Updated 17/12/2019, 14:12
© Reuters.

Investing.com -- Stocks in focus in premarket trade on Tuesday, 17th December. Please refresh for updates.

  • 9:00 AM ET: Boeing (NYSE:BA) stock was down 1.6% as the market continued to digest its decision to halt production of the 737 MAX airplane from January, in the face of difficulties in getting regulators to deem it airworthy again.

The problem was rippling through Boeing’s supply chain, with Spirit Aerosystems (NYSE:SPR) – which makes the plane’s fuselage - also set to open lower after a 6.2% drop after hours on Monday.

General Electric (NYSE:GE), half of the CFM joint venture that supplies engines to Boeing (NYSE:BA), will also be in the spotlight after its JV partner, French-based Safran (OTC:SAFRY), fell 2.5% in the European morning.

  • 09:02 AM: Anglo-Dutch consumer giant Unilever (LON:ULVR)'s ADR (NYSE:UN) were down 6.1% at a four-month low after the company said that it would miss its medium-term target for underlying sales growth of 3%-5% both this year and in the first half of 2020.

  • The company blamed the economic slowdown in India (the worst in six years) and also warned that a recovery in the largely buoyant North American market "will take time".

    • The company’s stock has fallen by more than one-third since April.

    The company blamed the economic slowdown in India (the worst in six years) and also warned that a recovery in the largely buoyant North American market "will take time".

    • 08:59 AM: Tencent Music Entertainment (NYSE:TME) ADSs were up 3.6% after the company announced a $400 million buyback program to run over the next 12 months.

  • 08:52 AM: Truckmaker Navistar (NYSE:NAV) warned it expected revenue to fall by around 15% next year due to a cyclical downturn.

  • It said it's reducing production rates and sales-, general and administrative-related costs. It expects underlying EBITDA to be in the range of $700-$750 million in 2020, and revenue around $9.5 billion.

    • 8:43 AM ET: Streaming device maker Roku (NASDAQ:ROKU) was down 2.9% after saying after the bell on Monday that its chief financial officer Steve Louden is to step down. Louden had seen the company through its IPO and helped preside over a quadrupling of the company’s share price this year.

  • 8:38 AM Eli Lilly (NYSE:LLY) stock was up 1.8% after forecasting 2020 profit above Wall Street consensus, due to growing demand for drugs such as diabetes treatment Trulicity and Taltz, which is used to trade psoriatic arthritis.

  • The drugmaker said it expects adjusted earnings per share of $6.70-$6.80 compared to a Refinitiv-generated consensus of $6.63

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