July 16, 2024

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Boeing, Paramount Global, Corning rise in premarket trading; Exxon Mobil, Tesla fall

Boeing, Paramount Global, Corning rise in premarket trading; Exxon Mobil, Tesla fall

U.S. stocks traded in tight ranges on Monday, as traders awaited key inflation data as well as Federal Reserve Chairman Jerome Powell’s testimony before Congress this week.

Here are some of the biggest moves in U.S. stocks before the market today:

  • Boeing (NYSE:) shares rose 0.7% after the aircraft maker agreed to plead guilty to a charge of criminal fraud conspiracy to resolve the U.S. Justice Department’s investigation into two deadly crashes of the 737 Max and pay a $243.6 million fine.

  • Paramount Global (NASDAQ:) shares rose 3% after Skydance Media agreed to buy the entertainment giant, with the total deal valued at more than $8 billion.

  • Corning (NYSE:) shares rose 7.1% after the specialty glass maker raised its second-quarter sales and earnings guidance on strong performance from new generative AI optical communication products.

  • Tesla (NASDAQ:) stock fell 1% after surging to its highest level this year on Friday, while the electric car maker’s shareholders will appear in court on Monday to argue that an unprecedented demand for more than $7 billion in legal fees paid by the company is “bizarre.”

  • Morphek (NASDAQ:) shares surged 75% after Eli Lilly (NYSE:), up 0.3%, announced plans to acquire the biopharmaceutical company, which is developing oral intergreen therapies to treat serious chronic diseases.

  • Exxon Mobil Shares of Abu Dhabi National Oil Co. (NYSE:ADNOC) fell 1.2% as crude prices fell on Monday, overshadowing the oil major’s statement that changes in oil prices would boost the company’s second-quarter profit by $300 million to $700 million compared to the first quarter.

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