Tesla, Apple Fall in Premarket; JPMorgan Rises on Buyback Plan

© Reuters.

By Geoffrey Smith 

Investing.com — Here are some of the main movers in premarket trading on Monday, December 21st. Please refresh for updates.

  • Tesla (NASDAQ:) stock fell 4.5% after its inclusion in the effectively completed the defining trade of the year, which has seen retail investors front-run passively managed institutional money in anticipation of its inclusion in the benchmark index. Found Elon Musk also raised eyebrows by failing to bat away speculation that he might convert some of Tesla’s cash into holdings.
  • JPMorgan (NYSE:) stock was up 3.2% and other main street lenders were up by somewhat less after the Federal Reserve said it will allow banks to resume stock buybacks and dividends from the start of the year.  JPM said on Friday it intends to start a $30 billion buyback in the first quarter of 2021.
  • Diamondback (NASDAQ:) Energy stock fell 6.7% after it agreed to an all-stock deal to buy rival shale driller QEP Resources (NYSE:) for $2.2 billion, including $1.6 billion in debt.
  • Nike (NYSE:) stock was indicated to open 5.8% higher, a new all-time high, after the sports gear maker beat consensus forecasts handily with its results after the closing bell on Friday. An 80% rise in online sales helped revenue rise nearly 9% to $11.24 billion in the three months through November, some 6% ahead of expectations, while profit jumped 12% to 78 cents a share.
  • Lockheed Martin (NYSE:) stock fell 0.6% after the defense conglomerate said it has agreed to buy Aerojet Rocketdyne (NYSE:), a maker of rocket engines, for $56 a share. Rocketdyne’s stock rose 26% in premarket trade but were still indicated some 6% below the offer price.
  • Royal Dutch Shell (LON:) ADRs fell 6.5% after the company said it expected impairments of between $3.5 and $4.5 billion in the fourth quarter. It added that its upstream operations are likely to post a loss for the quarter, and that its trading result would be down significantly from the third quarter.
  • Apple (NASDAQ:) stock fell 1.5% after the company said it will close all its Californian stores for the time being due to the pandemic. There was also modest pressure from a report suggesting that the company’s payments app could be the next point of attack from antitrust regulators.

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