Check out the companies making headlines before the bell. Nio – U.S.-listed shares surged more than 13% after the Chinese electric vehicle maker announced it will receive a cash injection of 13.3 billion yuan for its Nio China. “Strategic investors” will provide 3.3 billion yuan of that injection, with the rest coming from Nio Inc. The transactions, which are expected to be completed by the end of this year, will reduce Nio Inc.’s stake in Nio China to 88.3%, down from 92.1%. Stellantis – Shares plunged more than 13% after the automaker trimmed its full-year outlook, citing a deteriorating “global industry backdrop.” Ford and GM were also lower in sympathy. Alibaba – The China e-commerce giant’s stock rose around 4% after China’s central bank announced it would tell banks to cut mortgage rates on existing home loans before the end of next month. This also spurred a broader rally among China stocks, which saw their best day of trading since 2008 . Rocket Lab – Shares rose more than 3%, extending the more than 12% gains seen during Friday’s session. On Friday, the aerospace and defense name received a price target increase from KeyBanc Capital Markets, which cited “increased visibility/confidence in RKLB’s ability to scale its business.” CVS Health – The pharmacy stock added nearly 3% after The Wall Street Journal reported that hedge fund Glenview Capital, a major shareholder in the company, was expected to meet with CVS leadership on Monday to propose fixes for the struggling business . This could be the first step in an activist push. Crypto stocks – Stocks tied to the price of bitcoin retreated with the cryptocurrency, as investors grappled with uncertainty around the expected U.S. East and Gulf Coast port strike Tuesday and following a sizable rally last week. Coinbase fell 3% in premarket trading, while MicroStrategy dropped 5%. Bitcoin was down 3% and trading under $64,000. — CNBC’s Lisa Kailai Han, Sarah Min and Tanaya Macheel contributed reporting.
Read the full article here
