Stocks making the biggest moves in the premarket: Alibaba,, Occidental Petroleum, Chevron and more

Take a look at some of the biggest movers in the premarket:

Alibaba (BABA), (JD) – The e-commerce stocks were among China-based companies taking a hard hit on concerns about U.S. delistings, as well as the impact of new Covid-19 outbreaks in the Chinese tech hub of Shenzhen. Alibaba fell 4.7% in the premarket while sank 5.1%.

Occidental Petroleum (OXY), Chevron (CVX) – The energy stocks were downgraded to “equal-weight” from “overweight” at Morgan Stanley, which notes that both have outperformed peers in recent months and now offer less attractive relative valuations. Occidental fell 3.3% in the premarket while Chevron slid 2.4%. Both are also moving lower in step with the drop in crude prices this morning.

Lockheed Martin (LMT) – The defense contractor’s shares gained 1.6% in premarket trading after sources told Reuters that Germany would purchase up to 35 of Lockheed’s F-35 fighter jets.

Coupang (CPNG) – Softbank’s Vision Fund sold $1 billion of its stake in the South Korean software company, according to a regulatory filing. The sale of 50 million shares still leaves the fund with 461.2 million Coupang shares. The stock slipped 1.2% in premarket trading.

Ford Motor (F) – Ford is forecasting a 12% drop in U.S. sales this year, according to a report in Automotive News, citing people present at a meeting with dealers. The publication said Ford has lost 100,000 units of production so far this year due to parts shortages. Despite that news, Ford added 1% in premarket action.

Berkshire Hathaway (BRK.B) – Berkshire is urging the rejection of four shareholder proposals, including the replacement of Warren Buffett as chairman and a proposal that Berkshire report on its plans to handle climate risk. Berkshire added 1% in the premarket.

Rio Tinto (RIO) – Rio shares fell 2.9% in premarket trading after the mining company offered to buy the 49% of Canada’s Turquoise Hill that it doesn’t already own for about $2.7 billion. The price is a more than 32% premium to Turquoise Hill’s Friday close.

Tyson Foods (TSN) – The beef and poultry producer’s stock slipped 1% in premarket action after BMO Capital Markets downgraded it to “market perform” from “outperform.” BMO cites valuation, noting that Tyson has materially outperformed the S&P 500 over the past year, as well as the potential for lower beef margins.

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