Stocks making the biggest moves in the premarket: Apple, Bed Bath & Beyond, Blackstone & more
Check out the companies making headlines before the bell Monday:
Apple — An analyst at J.P. Morgan raised his price target on Apple to $265 per share from $243, implying a 21% gain from Friday's close of $218.82. The analyst anticipates stronger iPhone sales and expects "investor sentiment on AAPL shares to improve materially given the firm's ability to drive upward revision to volume expectations."
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Bed Bath & Beyond — Bed Bath & Beyond shares climbed more than 4% after an analyst at Wedbush upgraded the retailer to "outperform" from "neutral." The analyst says he sees a "good chance of stabilization" in the company's earnings over the next two years.
AB InBev — The beer giant's Asia unit rose in its Hong Kong debut overnight, gaining more than 4%. Budweiser APAC CEO Jan Craps said: "We are focused on growth, growth is what we set out to do ... Asia, of course, is the largest beer market in the world."
Rio Tinto — The Wall Street Journal reported on Saturday the mining giant will scrap sales plans for its iron-ore unit in Canada. The report, which cited people familiar with the matter, said Rio Tinto was not able to find an agreeable price with prospective buyers.
Sempra Energy — Sempra Energy agreed to sell its assets in Peru for $3.59 billion to China Yangtze Power International. The sale is expected to close in the first quarter of 2020.
Bristol-Myers Squibb — The company said about 40% of patients who received opdivo and yervoy as an initial treatment to lung cancer were alive after two years, outperforming patients who received chemotherapy as a first-line defense.
Blackstone — The private-equity giant announced its Real Estate Partners IX affiliate will acquire Colony Industrial from Colony Capital for $5.9 billion.