Stocks making the biggest moves premarket: Silvergate Capital, MGM Resorts, Bilibili, Murphy Oil & more
Check out the companies making headlines in premarket trading Monday.
United Airlines — Shares rose 1% after Morgan Stanley upgraded United Airlines to overweight from equal weight, saying 2023 could be a "goldilocks" year for the airline stock.
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Starbucks — Shares fell 1.3% after Deutsche Bank downgraded Starbucks to hold from buy, saying further gains will be harder to come by after the stock's recent outperformance.
Silvergate Capital — Shares dipped 3% after Morgan Stanley downgraded Silvergate Capital to underweight from equal weight, saying a "high level of uncertainty" remains around the stock following the FTX collapse.
Chinese tech stocks — Shares of Chinese internet stocks jumped in premarket trading after Beijing and Shenzhen reportedly further eased Covid restrictions. The Invesco Golden Dragon China ETF was up more than 5%. Shares of Bilibili surged 16%, while shares of Baidu and Pinduoduo were each up more than 5%. Alibaba rose more than 4%.
Johnson Controls International — Johnson Controls shares rose slightly after Deutsche Bank named it its top pick heading into 2023. The firm said the HVAC stock helps investors defensively position in the event of a recession.
MGM Resorts International — MGM jumped more than 3% after Truist upgraded it to buy, saying shares of the casino operator can jump more than 30% on a strong 2023 Las Vegas Strip calendar.
Murphy Oil Corporation — JPMorgan upgraded the stock to overweight from neutral in its 2023 exploration and production outlook, saying it's one of the few operators in its coverage with conventional assets, such as oil sands, and a stable production profile. The stock rose by more than 2%.
Domino's Pizza — Domino's rose 1% after BTIG upgraded the stock to buy from neutral, saying margins are set to rebound in 2023 because of higher menu pricing.
— CNBC's Michael Bloom contributed reporting.