Stocks – Morgan Stanley Falls in Premarket on E-Trade Deal

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By Geoffrey Smith — Stocks in focus in premarket trade on Thursday, February 20th. Please refresh for updates.

  • 8:47 AM ET: ING Group (NYSE:) ADRs were up 0.9% after the Dutch bank lost its CEO Ralph Hamers to Swiss banking giant UBS Group (NYSE:). UBS’s local stock in Zurich was up 2.5% on the news.
  • The move indicates UBS intends to concentrate on catching up in digital banking, an area where it has lagged in recent years.
  • ING’s stock in the Netherlands had fallen sharply on Wednesday after the company pulled an issue of subordinated securities, something likely to be only a temporary disruption.

8:42 AM ET: Hydrogen fuel cell maker Plug Power (NASDAQ:) moderated its hyperbolic ascent, rising 2.8% after rising 30% in two days on nothing but speculation in the potential of alternative energy technologies.

  • 8:36 AM ET: Virgin Galactic (NYSE:) stock rose a modest 2.5%, after surging 23% to a fresh record high on Wednesday in a frenzy of retail buying.
  • Reuters reported on Wednesday that short interest in the stock has risen to 31% of the outstanding free float, with traders paying interest rates of up to 34% to borrow the stock ahead of shorting it.
  • 8:30 AM ET: Tesla (NASDAQ:) stock inched down 1.1%, pausing for breath after hitting another record high on Wednesday on the back of an upgraded price target from Piper Sandler analysts.
  • Earlier Thursday, Bloomberg reported that China is considering extending subsidies for purchases of ‘new energy vehicles’ beyond 2020, one of a handful of measures to support demand in the wake of the coronavirus outbreak.
  • 8:24 AM ET: L Brands (NYSE:) stock fell 11.6% as chairman and CEO Les Wexner agreed to step down, after selling a controlling stake in Victoria’s Secret, its most valuable asset, to Sycamore Partners for $525 million.

  • 8:16 AM ET: Morgan Stanley (NYSE:) stock fell 3.6% after the bank said it will buy online brokerage E-Trade (NASDAQ:) for $13 billion in an all-stock deal, in a surprising twist to the ongoing consolidation in the brokerage sector.
  • The price is a 30% premium to E-Trade’s value as of Wednesday’s close, and the E*Trade stocks was up 24.2% at $55.80, an 18-month high, in response.
  • The deal is Morgan Stanley’s biggest since the financial crisis over a decade ago and takes the Wall Street blue-blood in a radically new direction
  • Domino’s Pizza (NYSE:) stock was up 17% at a new all-time high after its results for the fourth quarter came in above expectations, reassuring investors that it can still compete in an increasingly difficult food delivery markets
  • Sales at its established U.S. restaurants rose 3.4% in the fourth quarter, ahead of a 2.3% consensus forecast and beating estimates for the first time in over a year.
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