Stocks are making broad moves in the premarket
Johnson & Johnson
The pharmaceutical giant advanced 2.7% after announcing it would pay $8.8 billion over the next 25 years to settle claims that its products caused cancer. J&J also filed for bankruptcy protection for its LTL Management subsidiary, saying it believes the existing complaints are invalid.
Shares of Zions Bancorporation advanced 3.3% after Baird gave the regional bank an outperform rating. The firm said the shares do not appear to be positive after the global instability and crisis.
Clean Energy Fuels
The firm’s stock was up 3.62% after Raymond James developed a positive rating on Clean Energy Fuels and gave it a $6 price target.
The company’s stock retreated 3.32% after Bank of America downgraded the chemical maker’s stock from neutral to underperform. The bank significantly cut Albemarle’s profit estimate and reduced its valuation to $195. The new target means shares could fall by around 7%.
Shares of major potato processing company Lamb Weston advanced by about 1%. Bank of America put Lamb Weston on its short-term stock pick list for the second quarter.
Shares of shipping company FedEx advanced 3.2% in premarket trading.
Shares of biotech company Exelixis rose 1% after reports that hedge fund Farallon Capital Management is announcing a proxy fight in Exelixis.
European markets are slightly lower
European markets were slightly lower as investor uncertainty over the economic outlook remained.
The pan-European Stoxx 600 retreated 0.14% in afternoon trade. Utilities advanced 1.42%, while construction and materials stocks retreated 1.73%.
Banking stocks pared earlier losses by 0.5%.
Asia-Pacific markets were mixed as investors looked ahead to a key US jobs report that showed job openings fell to the weakest level in nearly two years in February.