Investing.com - Stocks in focus in premarket trade Monday:
• Kraft Heinz (NASDAQ:KHC) stock fell 0.7% by 8:16 AM ET (12:16 GMT) after the company announced it would restate financial statements for 2016 and 2017 to fix accounting errors due to the misconduct of several employees.
• Apple (NASDAQ:AAPL) stock slumped 2.7% as the European Union prepares to launch a formal antitrust investigation based on a complaint from Spotify (NYSE:SPOT), according to Financial Times. The sharp decline in shares however is largely due to U.S. President Donald Trump’s threat to raise tariffs on China this Friday which affected many other companies with high revenue exposure to the world’s second largest economy.
• Boeing (NYSE:BA) stock sank 2.7% after the company admitted that it knew about a missing safety feature on its 737 MAX planes, which it inadvertently made optional, 13 months ahead of informing U.S. regulators. Boeing explained that it did not believe there was risk involved.
• Anadarko Petroleum (NYSE:APC) stock rose 2.7% after Occidental Petroleum (NYSE:OXY) increased the cash portion of its $38 billion bid for the company to 78% and 22% stock. Its first bid was structured 50-50. Anadarko said it is studying the proposal although its agreement to be bought by Chevron (NYSE:CVX) for $33 billion remains in effect.
• Red Hat (NYSE:RHT) stock gained 0.9% after the IBM (NYSE:IBM) announced that the U.S. Department of Justice had approved its acquisition of the company.
• Tesla (NASDAQ:TSLA) stock fell 2.0% after U.S. trade officials rejected its request for an exemption from 25% tariffs on the Chinese-made Autopilot "brain" of its Model 3 and other electric vehicles.
• Tyson Foods (NYSE:TSN) stock lost 1.5% despite reporting better-than-expected second-quarter earnings.