PHG - 7 stocks to watch on Monday: Tesla FedEx Philips and more

Despite a wave of selling in China and trepidation ahead of megacap earnings later this week, the futures are pointing to a higher open on Monday, adding to sharp gains posted at the end of last week. Here are some stocks to watch for Monday:

• Tesla ( TSLA ) lost ground in premarket action amid worries about the economic situation in China. Elon Musk's EV maker cut prices for its vehicles by up to 9% in the country. On the news, shares dropped nearly 3%.
• Elsewhere in the EV space, China-based names dropped sharply in premarket action amid general economic concerns, spurred by the release of the country's latest GDP report. XPeng ( XPEV ) dropped more than 11% before the U.S. open. Nio ( NIO ) and Li Auto ( LI ) both retreated more than 9%.
• FedEx ( FDX ) received a downgrade from Wells Fargo, which said the Wall Street community has not fully appreciated the company's pivot from growth to efficiency. The firm cut its rating on the package delivery giant to Equal-Weight from Overweight .
• A mixed earnings report and a downbeat forecast put pressure on Philips ( NYSE: PHG ) during premarket trading. The company's Q3 revenue total came up shy of expectations, rising 3% from last year. Looking ahead, the firm now projects that its Q4 comparable sales will fall by a mid-single-digit percentage amount.
• Discover Financial Services ( DFS ) is slated to report its quarterly results after the closing bell. The financial service company, which includes the Discover credit card network, is projected to post normalized earnings of $3.72 per share, with revenue totaling $3.4B.

For more on the broader market, see what Wells Fargo thinks will signal an eventual bottom in the stock market .

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