Check out the companies making headlines before the bell. Oil stocks – Oil stocks rose as commodity prices rose due to the ongoing Iran war. U.S. crude oil prices briefly exceeded $110 per barrel overnight, reaching a level not seen since mid-2022. Talos Energy rose 5%, while Northern Oil & Gas and ConocoPhillips rose 3% and 2%, respectively. Hims & Hers Health – Shares soared 51% after Bloomberg News reported, citing people familiar with the matter, that Hims & Hers had signed a deal with Novo Nordisk to sell the Danish drugmaker’s popular weight-loss drug on its platform. The deal ends a lawsuit aimed at stopping Hims from selling a counterfeit version of Novo Nordisk’s Wegobee. Live Nation Entertainment – Live Nation rose 9% after Bloomberg reported that the live entertainment company was nearing a settlement agreement with the Justice Department over monopolization allegations in the live concert industry. Mining stocks — This group fell as the dollar soared and commodity prices rose amid the ongoing conflict between the U.S. and Iran. The Freeport-McMoRan area was down nearly 4%, and the Newmont area was down 3.7%. Albemarle fell more than 2%. Airline stocks — Several airlines saw their stock prices fall as oil prices soared in the aftermath of the Iran war and global travel was disrupted. Delta Air Lines fell about 3%, while American Airlines and United Airlines fell 4%. U.S. airlines were also under pressure due to TSA staffing shortages. Jefferies Financial Group — The investment bank’s stock price fell more than 3% following Monday’s downgrade by Morgan Stanley. Morgan Stanley said the call was due to ongoing credit concerns and a lawsuit filed Friday by Western Alliance against bankrupt auto business First Brands Group alleging breach of contract by Jefferies. Royal Caribbean, Carnival, Norwegian Cruise Line — Cruise companies’ stocks fell on concerns about rising fuel costs due to rising oil prices. Royal Caribbean fell nearly 3%, Carnival fell 3.3% and Norwegian fell 2.8%. Starbucks — The global coffee chain saw its stock price drop more than 2% premarket after Wolf Research downgraded the stock to peer perform. The Wall Street company said it wants to see evidence of sustained execution, especially in an increasingly competitive coffee landscape. —CNBC’s Fred Imbert, Davis Giangiulio, Michelle Fox and Yun Li contributed reporting.
