Stocks Making the Biggest Moves Premarket: Boeing, Alaska Air, Spirit Aerosystems, Axonics and More

Explore the notable developments involving key companies ahead of the market opening.

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Boeing: The aviation giant witnessed a significant downturn, with its stock plummeting nearly 8% following the Federal Aviation Administration's directive to temporarily ground approximately 171 Boeing 737 Max 9 aircraft for inspection. This decision came after a fuselage section malfunctioned during an Alaska Airlines flight. Supplier Spirit AeroSystems also suffered a sharp decline of 15%, as it was responsible for installing the door implicated in the incident.

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Alaska Air Group: The airline's stock experienced a more than 5% drop due to the midair incident, leading to the cancellation of dozens of flights on Sunday and Monday. United Airlines also faced a 2% decline after grounding a similar fleet.

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Axonics: In the medical technology sector, Axonics surged over 21% following its agreement to be acquired by Boston Scientific for $71 per share, translating to an equity value of approximately $3.7 billion. Boston Scientific's shares remained relatively unchanged.

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American Airlines: The airline's stock saw a 1.6% increase after receiving an upgrade to overweight from equal-weight by Morgan Stanley. The bank cited an improved balance sheet and strong post-pandemic execution as factors driving the upgrade.

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Enphase Energy and First Solar: Wells Fargo upgraded Enphase Energy to overweight from equal weight, leading to a 2.5% rise in its shares. The bank anticipates a resurgence in residential solar amid declining interest rates. In contrast, Wells Fargo downgraded First Solar to equal weight, citing its robust 2023 performance, the defensive nature of cash flows, and potential headwinds in average-selling-prices. First Solar's shares declined by 1%.

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Lululemon: Despite the athleisure company raising its fourth-quarter earnings guidance, Lululemon's shares were down approximately 2% in premarket trading. The updated earnings per share range is now between $4.96 and $5, up from the previous estimate of $4.85 to $4.93.

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Shell: U.S.-listed shares of the oil and gas company slipped by about 1% in the premarket after Shell issued a fourth-quarter update. The company anticipates a non-cash post-tax impact of $2.5 billion to $4.5 billion for the period.

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Dell: The technology stock advanced by 2.1% following optimistic calls from Wall Street. UBS identified Dell as a top pick among technology hardware names for 2024, while JPMorgan upgraded the stock to overweight from neutral.

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Equifax: Before the market opened, Equifax's shares rose by 1.7%, driven by Bank of America's double upgrade to a buy rating from underperform. The bullish outlook is tied to expectations of a favorable mortgage environment, as the Federal Reserve is anticipated to approve interest rate cuts later in the year.