Stocks making the biggest moves premarket: GS, NVDA, PM, TEN, IEP, NKE, UAL & more
- Goldman Sachs landed an "outperform" rating under new coverage at Bernstein.
- Nvidia got an upgrade from Morgan Stanley.
- Tobacco giant Philip Morris International received a "buy" rating in new coverage from Deutsche Bank.
Check out the companies making headlines before the bell:
Goldman Sachs – The investment firm was rated "outperform" in new coverage at Bernstein, which notes that strategic growth businesses such as investment banking have taken over from trading as a primary driver of revenue. At the same time, Bernstein rates Morgan Stanley "underperform", pointing to a slowdown in lending revenue growth among other factors.
Nvidia – The graphics chipmaker's stock was upgraded to "overweight" from "equal-weight" at Morgan Stanley, based in part on long term data investment trends.
Philip Morris International – The tobacco producer's stock was rated "buy" in new coverage at Deutsche Bank, based on potentially higher cash returns for investors.
Tenneco – The vehicle systems maker is buying powertrain systems maker Federal-Mogul from Icahn Enterprises for $5.4 billion in cash and stock. Tenneco, a maker of vehicle systems, plans to separate the combined businesses into two separate publicly traded companies.
Nike – The athletic footwear and apparel maker announced the acquisition of Tel Aviv-based Invertex for an undisclosed amount. Invertex makes software that scans a customer's body for proper product sizing.
Tupperware – The company lowered current quarter earnings and revenue guidance below current Wall Street consensus. The maker of storage products and other home goods points to lower sales as well as a negative impact from the new tax law. However, CEO Rick Goings expressed confidence in how Tupperware's business would perform over the longer term.
United Continental – The airline reported a 6.5 percent increase in revenue passenger miles for March compared to a year earlier.
Verifone – Verifone agreed to be acquired by a group led by private equity firm Francisco Partners for $2.58 billion in cash. The price for the payments technology company works out to $23.04 per share, a 54 percent premium over Monday's close.
Novartis – Novartis will have a strengthened pipeline in gene therapy following its deal to acquire AveXis, according to a new report by credit rating agency Moody's. However, Moody's also said the deal will reduce the drug maker's financial flexibility.
McDonald's – McDonald's is expanding in Denmark, Sweden, Norway and Finland, announcing plans to open 200 restaurants in the region over the next 10 years. The restaurant chain says the expansion will boost the number of customers in those countries by a third.
Alphabet – Alphabet's Google unit appealed a ruling from an India court that found it guilty of "search bias," according to a Reuters report.
Facebook – Facebook CEO Mark Zuckerberg begins two days of Capitol Hill testimony on Tuesday over the social network's privacy practices.
Tesla – National Transportation Safety Board Chairman Robert Sumwalt had a "constructive" conversation with Tesla CEO Elon Musk about the agency's examination of a fatal crash of a Tesla vehicle operating in Autopilot mode, according to an NTSB spokesman.
Illinois Tool Works – Illinois Tool Works was added to the "Conviction Buy" list at Goldman Sachs. Goldman cites a number of positive factors for its recommendation of the manufacturing company's stock, including valuation.
Ulta Beauty – The cosmetics retailer was upgraded to "overweight" from "neutral" at Piper Jaffray, which cited a survey pointing to an reacceleration of spending on beauty products among teenagers.