Stocks – Boeing, Beyond Meat Fall Premarket; Drug Companies in Focus

Investing.com – Stocks in focus in premarket trading on Monday:

• Boeing (NYSE:) stock slumped 2.4% in premarket trade by 8:20 AM ET (12:20 GMT) after both Credit Suisse (SIX:) and UBS downgraded the company to ‘neutral’ from ‘buy’, following reports that Boeing pilots were aware of safety issues with the 737 MAX’s flight control software as long ago as 2016.

• Halliburton (NYSE:) stock inched down 0.2% as revenue fell below forecasts due to a slowdown in shale drilling.

• Hewlett Packard Enterprise(NYSE:) stock gained 2.9% after being upgraded by Bank of America/Merrill Lynch to ‘buy’ from ‘underperform.’

• Facebook (NASDAQ:) stock was up 0.4% after the social media company said it was open to creating a string of digital stablecoins backed by individual currencies. Its initial vision of a global stablecoin called Libra, backed by a basket of reserve currencies, was heavily criticized in a report from G7 regulators on Friday.

• Drug companies were in focus, after Teva Pharma Industries (NYSE:), McKesson Corporation (NYSE:), AmerisourceBergen (NYSE:), and Cardinal Health (NYSE:) reached a settlement deal with two Ohio counties over their alleged role in the opioid crisis, The Wall Street Journal reported. The settlement means the companies can avoid a trial that was set to start in Cleveland on Monday. The four companies were all down around 2%.

• Beyond Meat (NASDAQ:) stock declined 3.6% after CFRA initiated coverage of the plant-based meat alternative company at ‘sell’ due to concerns over competition.

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