Investing.com - Stocks in focus in pre-market trade Monday:
• Tesla (TSLA) stock rose 5.25% by 8:35 AM ET (12:35 GMT) as the firm reportedly hit its target production pace of 5,000 Model 3s per week just shortly after its June 30 deadline. The firm is expected to give an update on second quarter delivery and production numbers later this week.
• Walgreens (WBA) lost 0.6% as Mizuho Securities downgraded the company to neutral from buy and cut its price target to $64 from $77.
• Netflix (NFLX) stock fell 0.37% amid a report that the firm would pay $150 million to own up to 35 billboard displays on roughly two dozen structures along West Hollywood's famed Sunset Strip. Sources told Reuters that the streaming video service is also considering acquiring other Regency billboards in Hollywood, such as near the Dolby Theatre, home of the Academy Awards.
• Dell Technologies (DVMT) stock jumped 12.32% after announcing it would buy out the holders of shares that track the performance of VMware using a mix of cash and equity in Dell. The firm’s proposal is to exchange each share of VMware tracking stock for 1.3665 shares of Dell Technologies Class C common stock, or at the holder’s election, $109 in cash, subject to the total amount of cash consideration not exceeding $9 billion. Shares of VMWare soared 12.8%.
• Nordstrom (JWN) stock fell 1.0% as Cowen downgraded the firm to market perform from outperform and dropped the target price to $51 from the prior $56.
• United Rentals (URL) slipped 0.06% after announcing an agreement to acquire BakerCorp International Holdings for approximately $715 million in cash.