Stock Price Movement of Alibaba, Occidental Petroleum, and more Companies
Alibaba Stocks Fall Due to Delisting from the US
Alibaba has experienced a huge dip in the share prices in the premarket trading. The dip took place as the United States has taken action against all major e-commerce and tech companies operating from China. The reports suggest that the United States has delisted all major companies that are reportedly gathering information of the US-based consumers.
Moreover, the COVID-19 outbreaks in Shenzhen, which is considered the tech hub for China, have also triggered huge concerns over the investors. In the light of the recent events, the share prices for Alibaba have dipped by 4.7% in the premarket trading.
Occidental Petroleum Experiences 3.3% Dip in Share Prices
The stock prices for Occidental Petroleum are currently experiencing a downtrend. The stocks for the energy company were down in the premarket trading. The fall in the share prices for Occidental Petroleum was observed after the analysts at Morgan Stanley made a move against its stock status.
The Morgan Stanley analysts went ahead and downgraded the stock status for Occidental Petroleum, which had a negative impact. While downgrading the stock status for Occidental Petroleum, the analysts at Morgan Stanley commented on the relative valuations recorded for Occidental Petroleum.
It was commented that Occidental Petroleum was offering relative valuations that were extremely less. However, Occidental Petroleum has managed to deliver high performance and earnings results in recent quarters. Still, the Morgan Stanley analysts did not see Occidental Petroleum delivering performance well enough to keep its stock status to the old level.
The data suggests that the stock status for Occidental Petroleum was changed from overweight to equal-weight. Due to the announcement and the downgrading, the stock prices for Occidental Petroleum went down by 3.3%.
Chevron Stocks Plummet by 2.4%
The share prices for Chevron have also experienced a downtrend in premarket trading. Once again, it was Morgan Stanley that became the reason for the energy company experiencing a dip in share prices. The stock status for Chevron was reportedly downgraded by Morgan Stanley analysts from overweight to equal-weight. The stocks for Chevron have experienced a 2.4% dip in premarket trading.
Lockheed Martin Stocks Jump by 1.6%
The stocks for the defense contractor company have experienced an upward trend in premarket trading. The stocks for Lockheed Martin experienced a 1.6% surge after Reuters shared an update regarding the latest deal finalized by Lockheed Martin.
Reuters published an update about Lockheed Martin, revealing that the defense contractor recently finalized a deal with Germany. As part of the deal, Germany will be purchasing one of its top fight jets that it has manufactured. The sources have confirmed Germany will proceed with the acquisition of 35 F-35 fighter jets manufactured by Lockheed.