Before the bell: As oil resumes rally, stocks set to declineWorkers at U.S. auto parts maker American Axle & Manufacturing Holdings (NYSE: AXL) are set to return to work next week after approving a new four-year contract that contains steep pay cuts and other concessions. The three-months strike crippled crippled production at a General Motors (NYSE: GM) plant.
Six Flags Inc. (NYSE: SIX) said it will cut ticket prices by $10 at its St. Louis park as customers are cash strapped these days due to the tightening economic conditions and rising prices for everyday commodities. Meanwhile, Fitch Ratings downgraded some of Six Flags Inc.'s ratings and put them on Ratings Watch Negative due to a proposed notes exchange.
UAL Corp. (NYSE: UAUA) unit United Airlines and US Airlines Group (NYSE: LCC) are postponing the launch of new China routes because of high fuel costs after gaining approval for this coveted route only a few months ago.
Morgan Stanley downgraded Royal Caribbean Cruises (NYSE: RCL) to Equal-Weight from Overweight but kept rival Carnival Cruise Line (NYSE: CCL) at Overweight saying RCL's risks are greater given lower margins and higher leverage.
Merrill Lynch raised its price target on Apple (NASDAQ: AAPL) from $186 to $215. AAPL shares are responding, trading up over 2.7% in premarket trading.
Also, Morgan Stanley downgraded Sun Microsystems Inc (NASDAQ: JAVA) to Underweight and upgraded Dell Inc. (NASDAQ: DELL) to Overweight, saying "the server market is entering a new cycle that will drive the market to lower-priced systems." Dell will benefit from the shift in trend. DELL shares are up 2.7% while JAVA's down 1.7% in premarket trading.
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