Boeing shares slipped 1.8% as the company withdrew a pay raise offer to 33,000 machinists on strike since mid-September. The continued strike is expected to cost Boeing over $1 billion per month, leading to a negative outlook for the company’s credit ratings. Reddit’s shares rose more than 2% after Jefferies initiated research coverage, citing advertising and data licensing tailwinds. Alphabet’s shares dropped about 1% as the Justice Department submitted a court filing offering options to address what it called an unlawful monopoly in search.
Rio Tinto and Arcadium Lithium announced a deal for Rio Tinto to acquire Arcadium at $5.85 per share, causing Rio Tinto’s shares to dip 1.2% and Arcadium’s to surge 30%. Blackstone was downgraded to neutral from overweight by Piper Sandler, leading to a nearly 1% drop in shares. GitLab’s shares rose 5% after Morgan Stanley initiated research coverage with an overweight rating, predicting the company would emerge as a key consolidator in the software market due to its various product offerings.
U.S.-listed shares of major Chinese companies, including Alibaba, JD.com, and Nio, fell after officials did not announce any new stimulus plans following a week-long national holiday. Alibaba’s shares shed 3.2%, JD.com’s dropped 4.6%, and Nio’s fell 2.4%. Chewy saw shares rise nearly 2% after TD Cowen initiated research coverage with a buy rating, anticipating a 25% rally driven by strong demand for pet health offerings. Norwegian Cruise Line’s shares rose 3.1% after Citigroup upgraded the stock to buy from neutral, predicting a potential 44% rally as the company’s strategy shifts.
In summary, Boeing faced challenges with a ongoing strike affecting its credit ratings, while Reddit and GitLab saw positive movement in their shares following research coverage. Regulatory concerns impacted Alphabet’s shares, and Rio Tinto’s acquisition of Arcadium had mixed results on the stock prices of both companies. Chinese company shares fell amid a lack of new stimulus plans, while Chewy and Norwegian Cruise Line saw positive movement in their shares based on analyst ratings and company strategies.
