AMD Stock – AIG Pops, Morgan Stanley Drops, and Stocks Are Mostly Lower
Stocks were set for a mostly lower open as economic data overseas disappointed.
China’s gross domestic product growth for the first quarter came in at 7.9%, missing expectations of 8.2%. That could be interpreted as a less-than-positive read for the global economy. In the U.S., investors have been concerned that economic growth has peaked.
“Futures are modestly lower following mixed Chinese economic data,” writes
founder of Sevens Report Research.
In the U.S., initial jobless claims were 360,000, in line with estimates and an improvement from last week’s result of 386,000.
Here are five stocks making moves in Thursday’s premarket action:
American International Group
(ticker: AIG) stock rose 6% as private equity giant Blackstone will acquire a 9.9% equity stake in AIG’s life and retirement business for $2.2 billion. Blackstone shares rose 2.8%.
(MS) stock fell 1.5% after reporting a profit of $1.85 a share, beating estimates for $1.65 a share, on revenue of $14.8 billion, above expectations for $13.9 billion.
Advanced Micro Devices
(AMD) stock gained 1% after getting upgraded to Neutral from Sell at Citigroup.
Old Dominion Freight Line
(ODFL) stock fell 0.7% after getting downgraded to Peer Perform from Outperform at Wolfe Research.
(NXPI) stock dropped 1.4% after getting downgraded to Neutral from Buy at Mizuho.
Write to Jacob Sonenshine at [email protected]