FedEx, General Motors Rise Premarket; Boeing Falls
Stocks in focus in premarket trade on Wednesday, September 16th. Please refresh for updates.
Nikola (NASDAQ:NKLA) stock fell 6.4% after reports that the U.S. Department of Justice is joining the SEC in making inquiries into fraud claims made against the electric truck maker after a report by the short-selling investment firm Hindenburg Research.
General Motors (NYSE:GM) stock rose 4.4% following reports that the car manufacturer is set to announce plans to put into production an interchangeable “family” of electric vehicle drive systems and motors.
Facebook (NASDAQ:FB) stock fell 1.5% after the Wall Street Journal reported that the Federal Trade Commission is preparing a possible antitrust suit against the social media giant. A number of celebrities, including the likes of Kim Kardashian, have boycotted its Instagram platform.
FedEx (NYSE:FDX) stock rose 8.8% after the delivery giant reported the highest quarterly revenue in its history late Tuesday, prompting a bigger-than-expected quarterly profit on Tuesday amid a pandemic-fueled surge in e-commerce shipments.
Adobe (NASDAQ:ADBE) stock rose 2.1% after the software company posted better-than-expected results for its fiscal third quarter, helped by robust demand for its cloud-based creative tools during the coronavirus pandemic.
Boeing (NYSE:BA) stock fell 0.9% after a report by the House Democrats criticized the aircraft manufacturer over design errors and a lack of transparency in the wake of the two fatal 737 MAX crashes.
Oracle (NYSE:ORCL) stock climbed 1.4% after President Donald Trump said Tuesday that the tech giant was “very close” to a deal over the popular video app TikTok.
On the technical front, the RSI of Boeing is at 44.16% and suggests that the market is in the negative territory. The current price is trading below all the moving averages. The stochastic is forming an upside crossover.
Overall Bias is negative and Short-term sell trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion – SELL Boeing Share at 164.26 Take Profit at 160.72 Stop Loss at 169.53