Premarket Movers: FuboTV Soars on Disney Deal, Chip Stocks Rise on Foxconn Results

American Airlines shares surged over 4% after TD Cowen upgraded the airline to a buy rating and raised its price target to a Wall Street high. FuboTV soared over 60% after reports emerged of a deal to merge its online live TV business with Walt Disney. The new venture, which will include Disney's Hulu + Live TV, will be 30% owned by Fubo and 70% by Disney, making it the second-largest digital pay-TV provider after YouTube TV.

Boeing shares climbed about 2% pre-market following an upgrade to overweight at Barclays. Analyst David Strauss anticipates a tough 2024 for Boeing stock could pave the way for a rebound in the new year driven by strong deliveries and production. Citigroup stock added 2% after Barclays upgraded its rating to overweight from equal weight, citing an improved outlook for large-cap banks and potentially a turning point for Citi following annual revenue growth and positive operating leverage. Chip stocks benefited from Foxconn's record fourth-quarter revenue, with Taiwan Semiconductor and Micron Technology shares both gaining over 5%. Nvidia and AMD advanced almost 3%, while Broadcom rose more than 1%. Xpeng U.S.-listed shares climbed over 4% after announcing plans to expand its partnership with Volkswagen in China, opening super-fast charging networks to each other's customers. Volkswagen's European shares surged over 5% following the announcement

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