Following a two-day rebound that saw the S&P 500 surge a total of 5.7%, stocks are showing signs of profit-taking in Wednesday’s premarket trading. Futures are pointing to a modest dip at the start of the session. Here are some stocks to watch for Wednesday:
- Apple (AAPL) is reportedly continuing its push to diversify production away from China. The latest headline, which comes from Reuters, says the iPhone maker has asked suppliers to transfer some production of its AirPods and Beats headphone products to India for the first time.
- Airbnb (ABNB) has drawn a bullish rating from Bernstein. The firm initiated coverage of the vacation home booking website with an Outperform rating, predicting ABNB will become the largest western travel platform in the next five years.
- Exxon (XOM) projected that it will post a Q3 operating profit of $11B before impairments, according to information provided in a regulatory filing. This would represent a dip from the record profit of $17.9B posted in Q2.
- Emerson Electric (EMR) is reportedly in talks to sell at least a portion of its commercial and residential solutions business to Blackstone (BX). According to Bloomberg, the deal could be valued at up to $10B.
- Joby Aviation (JOBY) slipped in premarket action after submitting documents with regulators for a $1B securities offering. Under the filing, the company may sell up to $1B of a variety of debt and equity instruments, including common stock, preferred stock, debt securities and warrants.
Twitter made headlines on Tuesday after Elon Musk indicated that he wants to move ahead with his purchase of the social media company. High-profile investor Carl Icahn may have made $250M on Musk’s turnaround.
