Chevron, Alibaba, Tyson Foods Drop Premarket; Turquoise Hill Soars By

© Reuters.

By Peter Nurse

-- Stocks in focus in premarket trade on Monday, March 14th. Please refresh for updates.

• Sanofi (NASDAQ:SNY) ADRs fell 2.7% after data showed the drugmaker’s experimental cancer medicine failed to slow the progression of a common type of breast cancer.

• Ford(NYSE:F) stock rose 0.7% after the auto giant deepened its partnership with Volkswagen, under which the U.S. carmaker will produce a second electric vehicle for the European market.

• Chevron (NYSE:CVX) stock fell 2.5% and Occidental Petroleum(NYSE:OXY) stock fell 3% after Morgan Stanley downgraded the two energy companies to ‘equal-weight’ from ‘overweight’, citing valuation concerns.

• Bank of America(NYSE:BAC) stock rose 1.5%, typifying the gains of the banking sector, with the U.S. 10-year Treasury yield hitting 2.10%, its highest level since July 2019, ahead of Wednesday’s expected Federal Reserve rate hike.

• Tencent Holdings(OTC:TCEHY) ADRs are set to weaken sharply after the Wall Street Journal reported that the Chinese tech giant is facing a hefty fine for violating central bank regulations on its WeChat Pay mobile network.

• Alibaba (NYSE:BABA) ADRs fell 4.5% and JD.com(NASDAQ:JD) ADRs fell 5.3%, with these e-commerce companies hit by concerns they could be delisted from New York for not meeting auditing requirements.

• Tyson Foods (NYSE:TSN) stock fell 1.5% after BMO Capital Markets downgraded the food processor to ‘market perform’ from ‘outperform’, citing its valuation as well as likely lower margins.

• Turquoise Hill(NYSE:TRQ) stock soared 31% after Rio Tinto (NYSE:RIO), down 2.3%, offered to buy the 49% stake in the mining company it doesn’t already own, at a hefty premium to Friday’s stock price close.

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