Altimeter growth, J&J, FedEx and more

Check out the companies making headlines before the bell:

Altimeter Growth (AGC) – Southeast Asian giant Grab goes public through an SPAC merger with Altimeter Growth, worth nearly $ 40 billion. Grab says it plans to be listed on the Nasdaq under the ticker symbol “GRAB” upon the deal’s completion. Shares of Altimeter were up nearly 9% in premarket trading.

Johnson & Johnson (JNJ) – Shares of the drug maker fell 2.8% in the premarket after the Food and Drug Administration said it is asking states to suspend delivery of J & J’s Covid-19 vaccine after six people developed a rare blood clot condition in the US. The FDA said the recommendation is “out of a plethora of caution.” Moderna shares were down more than 7% during early trading on the news.

FedEx (FDX) – Shares of the shipping company rose during premarket trading. KeyBanc Capital Markets has upgraded FedEx to “overweight”. The Wall Street firm also set a target price of $ 350 per share on FedEx. KeyBanc said FedEx can still grow in volume even with the return to in-person shopping.

JetBlue (JBLU), Spirit Airlines (SAVE) – Shares of the airlines plunged into premarket trading after Susquehanna Financial Group upgraded JetBlue and Spirit Airlines to “positive”. “As US domestic air traffic is recovering, we want to take ownership of the low-cost carriers,” the company’s analyst told customers.

Booking Holdings (BKNG) – The travel company won in premarket trading after Jefferies upgraded Booking to “buy” from “hold” in a global travel recovery. The former also raised its 12-month price target to $ 2,800 a share from $ 2,300 a share.

3M (MMM) – Shares of the manufacturing giant fell lower in the premarket after Deutsche Bank added a “catalyst call” to 3M. Wall Street said the stock has performed remarkably better in recent weeks, despite Deutsche Bank’s expectation that upcoming gains will go wrong.

NortonLifeLock (NLOK) – The security firm slumped into premarket trading after Bank of America initiated the stock with an “underperform” rating and a price target of $ 19 per share. “Last year’s COVID-related spike in demand could ease in the coming quarters and the company could return to negative trends in churn and subscriber numbers, negatively impacting revenue growth,” the company said.

Honeywell (HON) – Honeywell’s stock rose in premarket trading after Deutsche Bank placed a ‘buy’ rating on the stock. The company said investors are unenthusiastic about Honeywell, despite a recovery.

Bristol-Myers Squibb (BMY) – Shares of the pharmaceutical company rose in the premarket over Truist, which has upgraded Bristol-Myers Squibb to “buy” from “hold” with a target price of $ 74 per share. The Wall Street firm said it likes Bristol-Myers Squibb’s drug pipeline.