Stocks making the biggest moves premarket: Boeing, Alaska Air, Spirit AeroSystems, Axonics and more

Companies Making Headlines Before the Bell #

Boeing’s stock dropped nearly 8% after the Federal Aviation Administration ordered a temporary grounding of around 171 of the company’s 737 Max 9 aircraft for inspection. The decision was made after a section of an aircraft blew out during an Alaska Airlines flight. Supplier Spirit AeroSystems saw a 15% decline as the company was responsible for installing the plugged door connected to the incident. Alaska Air Group and United Airlines also faced stock decreases after grounding their respective fleets.

In positive news, medical technology company Axonics experienced a 21% rally after agreeing to be acquired by Boston Scientific for approximately $3.7 billion. American Airlines’ stock gained 1.6% following an upgrade by Morgan Stanley due to an improving balance sheet and strong post-pandemic execution.

Enphase Energy saw a 2.5% increase in shares after an upgrade by Wells Fargo. However, First Solar was downgraded by the bank due to its strong performance in 2023 and potential headwinds.

Despite raising its fourth-quarter earnings guidance, Lululemon’s stock slumped by about 2%. Shell announced a non-cash post-tax hit of $2.5 billion to $4.5 billion for the fourth quarter, causing a 1% slip in their U.S.-listed shares.

Dell’s stock rose by 2.1% due to positive recommendations from UBS and a JPMorgan upgrade. Equifax’s shares also experienced a 1.7% increase after a double-upgrade by Bank of America based on a bullish mortgage outlook.