Stocks Moving Premarket: Tesla, Occidental Petroleum, Exxon Mobil - Barron's

All eyes will be on the U.S. jobs number reported at 8:30 a.m. Eastern time. Economists foresee a drop in the number of people employed, although the data isn’t expected to capture the full impact of the Covid-19 outbreak.

Investors appear cautious. U.S. stock futures were lower, giving back some of Thursday’s gains. Dow Jones Industrial Average futures are down 1.3%. S&P 500 and Nasdaq Composite futures both fell 1.2%.

Overseas, stocks are mostly in the red. Hong Kong’s Hang Seng Index, for instance, closed 0.2% lower. Europe’s FTSE 100 Index is off 1.2%.

The coronavirus still dictates much stock-market trading action, but some stocks and sectors are trading based on different news. 

Tesla (ticker: TSLA) shares are up 13.1% in premarket trading. First-quarter deliveries—released Thursday after the close of trading—beat Wall Street expectations.

And oil prices continue their climb. Benchmark crude-oil prices jumped between 21% and 25% Thursday on hopes for an end to the Saudi-Russian market-share war. Prices are up another 6% to 10% Friday morning, sending shares of energy producers up again in premarket trading.

Occidental Petroleum (OXY) stock, for instance, is up 7.4%. Shares rose 18.7% Thursday. Exxon Mobil (XOM) stock is up 1.6% after rising 7.6% Thursday. Stock in energy-services provider Schlumberger (SLB) is up 4.5% after rising 10.1% Thursday.

Bank stocks are trading lower. The $350 billion small-business loan program—part of the government’s $2 trillion stimulus package passed last week—begins Friday. Loans are forgivable if businesses use the cash for approved purposes. Banks aren’t on the hook for forgiven loans, but difficulty in administering the program might be one reason for investor unease.

JPMorgan Chase (JPM) stock, for instance, is down 1.5% in premarket trading. Wells Fargo (WFC) shares are off 2.4%.

Finally, stock in Hawaiian Airlines parent company Hawaiian Holdings (HA) shares are up 10% in premarket trading after brokerage firm Stifel upgraded shares from the equivalent of Sell to Hold.

All airline stocks have been battered by the virus. Hawaiian is no exception. Its stock is off about 67% year to date.

Write to Al Root at allen.root@dowjones.com

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https://www.barrons.com/articles/stocks-moving-premarket-tesla-occidental-petroleum-exxon-mobil-51585914451

2020-04-03 11:47:00Z
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