Stocks in focus in premarket trade on Tuesday, November 24th.
Blackrock (NYSE:BLK) stock rose 0.9% after the world’s largest money manager announced it was acquiring Aperio Group, a firm that helps build custom portfolios for wealthy individuals, for $1.05 billion.
Boeing (NYSE:BA) stock rose 3.1% after European regulators gave draft approval to the aircraft manufacturer’s 737 MAX, paving the way for a formal flight clearance in January after a ban of almost two years.
Tesla (NASDAQ:TSLA) stock rose 4.8% with the electric car maker set to breach $500 billion in market value, helped by a number of broker upgrades that are touting the growing importance of recurring service revenue. Additional uplift is coming from General Motors (NYSE:GM)’ decision to abandon its fight against California’s ability to gold-plate federal rules on tailpipe emissions, something that favors the electric vehicle sector in general.
Dollar Tree (NASDAQ:DLTR) stock rose 7% after surging past Wall Street for quarterly sales estimates, helped by higher demand for cheaper produce during the pandemic.
McCormick (NYSE:MKC) stock rose 1% after the Wall Street Journal reported that the food company is nearing a deal to buy hot-sauce maker Cholula from private-equity firm L Catterton for around $800 million.
Novartis (NYSE:NVS) ADR rose 0.6% after the Swiss pharma giant announced it is starting a share-buyback program of up to $2.5 billion, lasting into the first half of 2021.
Moderna (NASDAQ:MRNA) stock fell 0.7% despite the European Union striking a deal for up to 160 million doses of the firm’s Covid-19 vaccine candidate.
Tiffany (NYSE:TIF) stock rose 0.2% after the jeweler beat expectations for quarterly profit, helped by a large rise in sales in China. The U.S. company is being bought by French luxury giant LVMH (PA:LVMH).
Best Buy (NYSE:BBY) stock fell 2.3% after the retailer failed to give guidance for the fourth quarter. That outweighed beat on both top and bottom lines in the three months through September, which included a 174% rise in U.S. online sales.
JM Smucker (NYSE:SJM) stock rose 1.1% after the food retailer raised its full-year forecast; third-quarter revenue beat expectations, helped by customers buying more produce to cook at home.
Dick’s Sporting Goods (NYSE:DKS) stock rose 1.5% after the retailer reported strong sales growth in the third quarter, with e-commerce sales surging 95%, as customers bought fitness products during the pandemic. Lauren Hobart is set to succeed Ed Stack as chief executive in February.