Stocks – Fed's Rising QE Tide Lifts Most Boats in Premarket; Boeing +6.0%

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By Geoffrey Smith — Stocks in focus in premarket trading on Monday, March 23rd. Major indices futures have turned up sharply after the Federal Reserve announced it would buy unlimited amounts of Treasuries and agency debt and introduce other lending programs to support the economy through the coronavirus crisis.

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  • 8:45 AM ET: Occidental Petroleum (NYSE:) stock was up 1.5% after The Wall Street Journal reported that it’s on the verge of a peace deal with activist investor Carl Icahn, something that would end a major distraction from managing the company through a period of critically low oil prices.
  • The WSJ said Occidental will appoint two directors nominated by Icahn’s company to the board. Vicki Hollub will remain as CEO, it added.
  • Boeing (NYSE:) stock was up 6.0% after an upgrade from Goldman Sachs analysts to ‘buy’ from ‘neutral’. Goldman argued that the stock has sold off too aggressively in the light of the long-term demand for air travel.
  • However, the prospect of government support for the company, and the attached conditions, remains unclear, after House Democrats blocked the passage of the Senate’s ‘phase 3’ stimulus package on Sunday.
  • Goldman Sachs (NYSE:) stock was up 1.1%, underperforming the market, after the Financial Times reported that it had had to shore up two of its money-market funds with $1 billion in liquidity as they struggled to cope with redemption requests. The FT cited Goldman’s SEC filings.
  • Deere & Co (NYSE:) stock was down 2.2% after the agricultural machinery maker pulled its guidance for 2020 and said it would shut some of its operations temporarily.

  • 8:53 AM ET: Royal Dutch Shell (LON:) ADRs (NYSE:) were up 6.6% after the company left its dividend policy unchanged, despite taking an ax to capital spending and also suspending its buyback program.
  • Total ADRs (NYSE:) were up 16.5% after also upholding its dividend, while suspending buybacks.
  • Netflix (NASDAQ:) stock was up 3.4% as reports multiplied of it having to allow lower streaming quality to cope with a surge in demand from a growing audience of viewers compelled to stay at home due to curfew measures in the U.S. and Europe.

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