Alistair Berg
Following declines over the past couple of weeks, the major U.S. equity averages are looking to stabilize in early trading Monday, with the futures pointing to a mixed start to the session. While overall trading looks lackluster, a few names are seeing significant action headed into the session. Here are four key stocks to watch:
- Tesla (TSLA) lost ground in premarket trading, dropping more than 5% following the release of its latest delivery figures. Elon Musk's EV maker reached record deliveries in Q3, with the company hitting a figure of 343,830. Still, this was below the total that analysts had predicted.
- ABB (ABB) also lost ground in premarket action following the completion of a spinoff of its turbocharging unit, called Accelleron. The stock dropped about 5%. ABB characterized the transaction as part of its portfolio management strategy.
- Axsome Therapeutics (AXSM) advanced nearly 8% before the opening bell, boosted by the release of clinical trial data on its Sunosi product. The company reported that Sunosi showed improved cognitive function in patients with a sleep disorder known as excessive daytime sleepiness.
- A positive analyst comment gave a lift to Levi Strauss (LEVI). The stock ticked up 1% as Bank of America called the apparel maker a best-in-class brand ahead of its earnings report, due out later this week.
In other major market news on Monday, crude oil surged in early trading as OPEC+ considers a production cut.