UPS, Tesla, Southwest Airlines fall premarket; Kenvue, Boeing rise

Investing.com -- US stock futures slipped lower Monday, as investors digested a deluge of quarterly corporate earnings.

Here are some of the biggest premarket US stock movers today: United Parcel Service (NYSE:UPS ) stock fell 2% after Barclays downgraded its investment stance on the delivery giant to “underweight" from "equal weight", citing increased competition from the likes of Amazon (NASDAQ:AMZN ) and FedEx (NYSE:FDX ), as well as pressure from lower-margin e-commerce growth. Kenvue (NYSE:KVUE ) stock rose 5.7% after it was reported activist investor Starboard Value has taken a stake in the consumer products firm behind brands like Band-Aid and Listerine which was spun off from Johnson & Johnson (NYSE:JNJ ) last year. Spirit Airlines (NYSE:SAVE ) stock rose 36% after the carrier reached an agreement with the U.S. Bank National Association to extend a deadline by which it must extend or refinance its 2025 bonds to maintain its credit-card processing agreement with the bank. Boeing (NYSE:BA ) stock rose 3.2% following reports that workers could vote on a new deal to end a costly five-week-long strike, while the WSJ reported that the company is exploring asset sales. Southwest Airlines (NYSE:LUV ) stock fell 1.3% following a report that discussions have occurred that would give the Elliott Investment Management, an activist investor, a significant representation on the carrier’s board. Humana (NYSE:HUM ) stock rose 4.4% after Bloomberg reported that health insurer Cigna (NYSE:CI ), down 3.6%, has revived efforts to merge with its smaller rival after abandoning the pursuit late last year. Tesla (NASDAQ:TSLA ) stock fell 1.1% ahead of Wednesday’s quarterly results when investors and analysts will get a chance to grill CEO Elon Musk on his robotaxi plans after its unveiling lacked key details. ServiceNow (NYSE:NOW ) stock fell 2% after Morgan Stanley downgraded the software company to “equal-weight” from “overweight”, citing the lack of meaningful valuation upside. Canada Goose (NYSE:GOOS ) stock fell 4.1% after Goldman Sachs downgraded the winter clothing retailer to “sell” from “neutral”, citing a less attractive risk/reward basis, driven by an increasingly competitive category backdrop, a slowing global luxury backdrop and a choppy China macro.

Source: Investing.com