By Watson Greey
#Apple Inc #ASML Holding NV #Baidu Inc #Breaking News: Markets #Business #business news #BYD Co Ltd #China #Coinbase Global Inc #Deutsche Bank AG #Economy #Estee Lauder Companies Inc #Goodrx Holdings Inc #Hasbro Inc #iPhone #JOYY Inc #Li Auto Inc #Market Insider #Markets #Nio Inc #Southwest Airlines Co #Stock markets #Tesla Inc #United States #Xpeng Inc
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Check out the companies making the biggest moves in premarket trading: Apple — Apple shares lost 2% before the bell after Barclays downgraded the iPhone maker to underweight, citing weak iPhone 15 volumes, along with Macs, iPads, and wearables. In addition, Apple’s widening P/E multiple doesn’t look “sustainable,” the bank said. Tesla — Shares slipped about 1% ahead of the electric-vehicle maker’s release of its fourth-quarter delivery numbers. Analysts expect 477,000 deliveries in the quarter, according to StreetAccount. Tesla has forecast a total of 1.8 million deliveries for 2023, trailing the 3 million new vehicles Chinese EV giant BYD said it delivered in 2023. BYD’s U.S.-listed shares dipped 2.8%. Li Auto , Nio, XPeng — U.S.-listed shares of the Chinese EV makers all fell after reporting their latest delivery numbers. Li Auto dropped nearly 5% despite delivering 50, 353 vehicles in December, a 137% year- over-year increase. Nio fell 2.5% following its announcement of more than 18,012 vehicles delivered in December, nearly 14% more than the year prior. XPeng dipped 2% after reporting 20,115 deliveries last month, a 171% year-over-year advance. Estee Lauder — The cosmetic giant lost 2.4% following a downgrade Deutsche Bank to hold from buy. The bank said it sees near-term risk if Estee Lauder’s China inventory and economic rebound is delayed and the U.S. market slows down. GoodRx — Shares tumbled nearly 7% after a downgrade to underperform from buy at Bank of America Securities. The bank cited changes to the competitive landscape, including new offerings from large pharmacy benefits managers. Baidu , Joyy — U.S.-listed shares of Baidu slipped nearly 2% after the Chinese tech giant halted its planned acquisition of Joyy’s live-streaming business in China. Joyy tumbled 10%. ASML — The U.S.-traded shares of the Dutch semiconductor equipment company fell more than 3% after ASML said the Netherlands has blocked it from shipping some chipmaking equipment to China. Southwest Airlines — The carrier dipped 1% after a downgrade from Evercore ISI to in line from outperform. The firm said it was “taking some chips off the table” after the stock’s runup in the fourth quarter. The airline has gained nearly 30% since the end of October. Coinbase — Shares added 2% after Bitcoin topped $45,000 late Monday, its highest level in nearly 21 months. — CNBC’s Jesse Pound and Sam Subin contributed reporting.
