Oils, Gannett, Rise in Premarket; Facebook Falls By Investing.com
By Geoffrey Smith
Investing.com — Stocks in focus in premarket trading in New York on Monday, 27th September. For updates, please refresh.
Facebook (NASDAQ:) stock fell 0.9% after the social media giant said it will pause work on its “Instagram Kids” project, days after a series of heavy-hitting articles in The Wall Street Journal exposed how the company had failed to act effectively to stop Instagram inflicting psychological damage on teens. Instagram head Adam Mosseri said he still believes the project “is the right thing to do.”
- Gores Guggenheim (NASDAQ:) stock rose 2.8% after the Special Purpose Acquisition Company said that it will merge with Polestar, the electric vehicle unit of Volvo Cars owner Geely Automobile Holdings (OTC:) (OTC:), to take the latter public, at an implied enterprise value of $20 billion.
- Oil and gas stocks rose across the energy complex as prices rose and prices surged in response to increasing signs of a global energy shortage at the start of the northern hemisphere winter heating season. Exxon Mobil (NYSE:) stock rose 2.1%, while Chevron (NYSE:) stock and Conocophillips (NYSE:) stock rose 1.6% and 2.0%, respectively. Oil service firms were also lifted by the development: Schlumberger (NYSE:) stock and Halliburton (NYSE:) stock both rose 2.6%.
- Gannett stock rose 3.6% after it announced another refinancing that will bring down the cost of its outstanding debt still further. The company will issue senior secured notes worth up to $550million. It is targeting a rate at least 500 basis points above LIBOR, which is currently about 0.13%. It is compared to 7.75% coupon for bonds issued during a January refinancing.
Alphabet stock (NASDAQ:) traded 0.3% lower following a CNBC report that it willl cut its commission on sales on its Cloud marketplace to 3% from 20%, in an effort to build market share. Google’s Cloud hosting business is currently a distant third behind Amazon (NASDAQ:) Web Services and Microsoft (NASDAQ:)’s Azure.
- Rolls-Royce (OTC:) ADRs rose 9.0% to a 10-month high after the U.K.-based engineering giant announced a 30-year contract to supply aero engines to the U.S. Air Force and also the disposal of its Spanish-based ITM Aero business for some $2 billion.
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