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Boeing, a leading aerospace company, saw a 1.8% decrease in shares after withdrawing a pay raise offer to 33,000 machinists on strike. This ongoing strike is projected to cost Boeing over $1 billion per month, according to S & P Global Ratings.
On the other hand, Reddit experienced a 2% increase in shares following a buy rating and high price target from Jefferies, citing advertising and data licensing tailwinds. Similarly, Rio Tinto and Arcadium Lithium made headlines with Rio Tinto’s acquisition of Arcadium for $5.85 per share, causing a 30% surge in Arcadium’s shares.
Blackstone faced a 1% decline in shares after Piper Sandler downgraded the asset manager to neutral, stating that much of the positive news had already been factored into the stock. Meanwhile, GitLab saw a 5% increase in shares after Morgan Stanley initiated research coverage with an overweight rating, recognizing GitLab as a key market consolidator.
In the Chinese market, Alibaba, JD.com, and Nio experienced declines in U.S.-listed shares amidst a lack of new stimulus plans from officials. On a positive note, Chewy’s shares rose nearly 2% following a buy rating from TD Cowen, who predicts a significant rally due to strong retail demand for pet health offerings.
Lastly, Norwegian Cruise Line saw a 3.1% increase in shares after a Citigroup upgrade to buy from neutral, forecasting a potential rally of over 44% as the company’s strategy shifts.
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