Virgin Galactic, Gap Soar Premarket; American Airlines Slumps By

© Reuters.

By Peter Nurse — Stocks in focus in premarket trade on Monday, June 22nd. Please refresh for updates.

  • American Airlines (NASDAQ:) stock dropped 9.1% after the struggling airline said Sunday it plans to raise $3.5 billion in new financing to boost its liquidity.

  • The airline will aim to sell $1.5 billion in new shares and convertible notes. That’s around 22% of the company’s market value as of Friday.
  • Virgin Galactic (NYSE:) stock surged over 13% after the space tourism venture signed an agreement with NASA that will allow it to train astronauts for trips to the International Space Station.

  • Gap (NYSE:) stock gained 6.1% after receiving a two-notch upgrade from Wells Fargo (NYSE:), straight to overweight from underweight, citing the retailer’s real estate value and its “under- appreciated” Athleta division.

  • Walmart (NYSE:) stock rose 1.1% after UBS upgraded its investment stance to buy from neutral, saying the giant retailer had established itself as the second major e-commerce player behind Amazon (NASDAQ:) during the pandemic. 

  • Apple (NASDAQ:) stock rose 0.7% as the tech giant prepared to hold its annual conference for software developers, and potentially rolling out new features for iPhones and iPads. The company was hit with two antitrust probes by the EU last week and had to close some stores because of the resurgence of coronavirus cases, but its stock is still at all-time highs.

  • Western Digital (NASDAQ:) stock rose 2.4% after Benchmark International upgraded its investment stance to buy from neutral, citing new product progress at the hard disk drive manufacturer and data storage company.

  • Johnson Controls (NYSE:) stock climbed 0.9% after UBS upgraded its stance on the industrial firm to buy from neutral, citing the company’s balance sheet and liquidity position and its exposure to the “relatively resilient” fire & security market.

  • Bed Bath & Beyond (NASDAQ:) stock rose 1.8% after the retailer added an $850 million asset-based credit facility, expiring in 2023, to further strengthen its liquidity position. The retailer expects 95% of its stores to be open again by this weekend.
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