By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Monday, May 17th. Please refresh for updates.
Discovery (NASDAQ:DISCA) stock soared 13% after telecoms giant AT&T (NYSE:T), up 3.6%, announced a deal to merge its content unit WarnerMedia with the mass media factual television company. This would creating a new company separate from AT&T that could be valued at $150 billion, including debt, the Financial Times reported.
Tesla (NASDAQ:TSLA) stock fell 1.8% amid doubts over the electric car maker’s bitcoin holding, as the price of the cryptocurrency fell. Concerns over the company’s Autopilot feature also weighed after a police investigation stated a fatal car accident in California involved the driver assistant system.
JD.com (NASDAQ:JD) ADR rose 0.2% after the Chinese online retail giant’s logistics arm said it would aim to raise some $3.4 billion through an IPO in Hong Kong of a 10% stake.
Trip.com (NASDAQ:TCOM) ADR rose 2.8% after Morgan Stanley (NYSE:MS) upgraded its stance on the online travel agency to ‘overweight’ from ‘equal weight’, saying the recovery in travel from China can boost the stock by more than 30%.
United Airlines (NASDAQ:UAL) stock fell 0.7% despite the airline stating it would add more than 400 daily flights to its July schedule and increase services to re-opened European destinations.
MicroStrategy (NASDAQ:MSTR) stock fell 5.6%, suffering with the fall in bitcoin as the business analytics company holds roughly $5 billion worth of bitcoin. Coinbase, the largest U.S. cryptocurrency exchange, also fell 3.5%.
ViacomCBS (NASDAQ:VIAC) stock rose 3.1% after the media conglomerate announced that former CBS CEO Les Moonves will not get his $120 million severance package following his departure in 2018, ending a long-running dispute over the money.
Texas Roadhouse (NASDAQ:TXRH) stock rose 1.8% after Deutsche Bank (DE:DBKGn) upgraded its stance on the steakhouse chain to ‘buy’ from ‘hold’, citing the possibility that current revenue assumptions may be conservative.