LVMH and Rémy Cointreau stocks hit by China’s tariffs on European brandy. Alibaba and other Chinese tech stocks fall on loss of momentum in the Chinese market. DocuSign joins the S&P MidCap 400, replacing MDU Resources Group.
LVMH and Rémy Cointreau face new tariffs from China
China announced new tariffs on brandy imports from the European Union, affecting Rémy Cointreau (RCO) shares, which fell 8%. LVMH, owner of Hennessy (MC), lost more than 3%.
Alibaba and other Chinese technology companies declined
Stocks of U.S.-listed Alibaba (BABA), PDD, and JD were down more than 9% in premarket trading due to the Chinese market showing signs of weakness, reversing some recent gains.
Honeywell unveils spin-off of advanced materials division
Honeywell (HON) plans to spin off its advanced materials division, The Wall Street Journal reports. The announcement sparked a surge in its shares even before the market opened.
DocuSign enters the S&P MidCap 40
DocuSign (DOCU) will replace MDU Resources Group in the S&P MidCap 400 next Friday, according to data from S&P Dow Jones Indices. Following the announcement, DocuSign shares rose 5% in premarket trading, while MDU shares were flat.
Freeport-McMoRan and Alcoa down on commodity sales
Stocks of Freeport-McMoRan (FCX) and Alcoa (AA), mining companies, fell more than 4% in trading due to a massive sell-off in commodities such as copper, driven by weakening bullish sentiment ahead of stimulus measures in China.
Super Micro Computer continues to rise on strong demand for servers
Stocks of Super Micro Computer (SMCI) rose nearly 3% in premarket trading, following a 16% gain on Monday. The company has installed more than 100,000 liquid-cooled graphics processing units in artificial intelligence factories.
PepsiCo readjusts forecasts after sales drop
PepsiCo (PEP) has cut its outlook for the year after announcing an unforeseen sales decline over the summer, sending its shares tumbling in the premarket session.
