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Stocks – Occidental Slips in Premarket After Debt Downgrade

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By Geoffrey Smith — Stocks in focus in premarket trade on Thursday, March 19th. Please refresh for updates.

  • 8:29 AM ET: Occidental Petroleum (NYSE:) stock fell 2.7% to a new multi-year low after Moody’s confirmed fears that it would cut the company’s credit rating to junk.
  • Boeing (NYSE:) stock fell another 5.3% to a new low amid continued uncertainty over the terms of any government support it might receive as part of the administration’s stimulus measures.
  • Brokerage Cowen reportedly cut its price target for Boeing stock by $200 to $150, a new low for street estimates.
  • General Electric (NYSE:) stock was down 5.0% after saying it would reduce shifts at its home appliances division.
  • GE Healthcare said on Thursday said it would add employees and increase the number of shifts to maximize production of ventilators, crucial to keeping Covid-19 patients alive.
  • Rival Medtronic (NYSE:) announced similar steps.
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