Stocks in focus in premarket trade on Monday, March 29th
- ViacomCBS (NASDAQ:VIAC) stock fell 1.6%, Discovery (NASDAQ:DISCA) stock rose 1.1% and Baidu (NASDAQ:BIDU) stock fell 0.2% as the repercussions of the unraveling of hedge fund Archegos’s portfolio continued to be felt.
- Credit Suisse (SIX:CSGN) stock fell over 11% after the Swiss bank said it would take a “significant” hit after the U.S. hedge fund defaulted. Goldman Sachs (NYSE:GS) stock fell 3.2% and Morgan Stanley (NYSE:MS) stock fell 4.9% on fears these lenders could also be in the process of exiting positions linked with Archegos’s portfolio.
- Visa (NYSE:V) stock fell 0.2% after the credit card giant said it would start processing payments made in USD Coin, a digital currency tied to the dollar.
- United Airlines (NASDAQ:UAL) stock rose 0.5% after the airline said it was now using the traditionally busy JFK airport for the first time since 2015, taking advantage of a lull in traffic because of Covid-19 to explore once-congested airports.
- Boeing (NYSE:BA) stock rose 2.5% after the aircraft manufacturer reached agreement with Southwest Airlines (NYSE:LUV), up 0.3%, for 100 firm orders of its 737 MAX 7 plane as the airline updates its fleet.
- Bilibili (NASDAQ:BILI) stock rose 2.8% after the China-based online video company made its debut in Hong Kong trading following its secondary listing, closing 1% below its listing price.
- Tencent Music Entertainment (NYSE:TME)stock rose 6.6% after the China-based music streaming service announced a $1 billion share buyback, its biggest ever.
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