By Geoffrey Smith
- Stocks in focus in premarket trade on Thursday, March 19th. Please refresh for updates.
- 8:29 AM ET: Occidental Petroleum (NYSE:OXY) stock fell 2.7% to a new multi-year low after Moody’s confirmed fears that it would cut the company’s credit rating to junk.
- Boeing (NYSE:BA) stock fell another 5.3% to a new low amid continued uncertainty over the terms of any government support it might receive as part of the administration’s stimulus measures.
- Brokerage Cowen reportedly cut its price target for Boeing stock by $200 to $150, a new low for street estimates.
- General Electric (NYSE:GE) stock was down 5.0% after saying it would reduce shifts at its home appliances division.
- GE Healthcare said on Thursday said it would add employees and increase the number of shifts to maximize production of ventilators, crucial to keeping Covid-19 patients alive.
- Rival Medtronic (NYSE:MDT) announced similar steps.
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8:50 AM ET: American Airlines (NASDAQ:AAL) stock was down 4.9%, paring losses somewhat after the company said it secured another $1 billion credit line.
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The credit facility runs for 12 months and takes the company’s available liquidity to $8.4 billion, it said in a stock exchange filing
- 8:54 AM ET: Blue Apron (NYSE:APRN) stock was up another 42% after more than doubling on Wednesday as more and more investors buy into the notion that the closure of restaurants around the U.S. will lead to a surge in demand for its meal kits.
