Stocks making the biggest moves premarket: Boeing, Alphabet, Blackstone, GitLab and more

Here are the significant company updates you need to know before the markets open:

Boeing shares lost 1.8% as the company retracted a pay hike offer to its on-strike machinists, hitting costs of over $1 billion monthly, according to S&P Global Ratings. This development negatively affects Boeing’s credit ratings.

Reddit’s stocks climbed over 2% on Jefferies’ initiation of research coverage with a buy rating and a high price target. This rise is buoyed by promising advertising and data licensing prospects.

Alphabet shares fell roughly 1% after the Justice Department proposed several measures, including breakup or restrictions, to halt the company’s supposed illegal monopoly in search.

Following the announcement of Rio Tinto’s purchase of Arcadium Lithium for $5.85 per share, the stocks of both companies trended in contradictory directions. Rio Tinto shares dipped 1.2%, while Arcadium’s increased by 30%.

Blackstone’s shares went down nearly 1% after Piper Sandler downgraded the company from overweight to neutral. The investment bank suggested that the stock’s significant uptick preceding the Federal Reserve’s rate cut last month had already accounted for the “good news.”

GitLab shares shot up 5% after an overweight rating by Morgan Stanley, positioning GitLab as a potential market consolidator due to its wide array of software delivery pipeline products.

Shares of major Chinese firms listed in the U.S., including Alibaba, JD.com, and Nio, continued their descent as no major stimulus plans followed a week-long national holiday. Alibaba, JD.com, and Nio saw decreases of 3.2%, 4.6%, and 2.4%, respectively.

Chewy’s stocks increased nearly 2% after TD Cowen initiated a buy rating for the pet products retailer. Chewy is projected to soar over 25% due to robust retail demand, especially in pet health offerings.

Norwegian Cruise Line shares grew 3.1% following a Citigroup upgrade from neutral to buy. The rationale? The company’s strategy shift should boost the stock by over 44%.