China stocks slip after growth target released, as Ciena shares pop on earnings beat
Here are some of the most active premarket movers on Monday. U.S. stock futures
pointed to a slow start after a two-day rally.
Alibaba’s U.S.-listed stock
fell by 1%, as did the KraneShares CSI China Internet ETF
after China’s official 5% growth target was deemed underwhelming.
shares jumped 13% after the optical networking company’s earnings topped Wall Street estimates comfortably.
Esperion Therapeutics stock
dropped by 27% after reporting data on a cholesterol drug for patients who can’t tolerate a statin.
KB Home shares
fell 1% after JPMorgan downgraded the builder to underweight, as D.R. Horton
also fell 1% on a downgrade to neutral. The same broker upgraded Meritage Homes
to overweight, lifting the stock by 1%. “Following a reasonably solid 4Q earnings season (relative to expectations), while we remain positive on the homebuilders for 2023, at the same time, we believe fundamentals may go sideways if not soften somewhat over the next quarter or so as the housing market absorbs the past month’s roughly 70 bps increase in mortgage rates,” say the team led by Michael Rehaut.
Norfolk Southern Corp.
has announced a six-point safety plan in the wake of last month’s derailment of a train carrying hazardous materials on the outskirts of East Palestine, Ohio. The company’s stock, which has fallen 10.1% since the Feb. 3 derailment, fell 1.5% before market open Monday.
rose 19% as the medical technology company focused on sleep related products announced the achievement of key clinical and regulatory milestones.
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