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WASHINGTON (MarketWatch) – There is nothing “fundamentally wrong” with the broad U.S. economy despite the “bearish” global stock environment, said Atlanta Fed President Dennis Lockhart, on Monday. In a speech in Atlanta, Lockhart said the global selloff in stocks begs the question of whether there are serious imbalances that make the broad economy vulnerable to foreign shocks. “I don’t see that kind of connection in current circumstances,” Lockhart said. The Atlanta Fed president said while fourth-quarter GDP growth “could look rather weak” and “disappointing,” he expects moderate growth and labor market improvement this year that will justify more interest-rate increases. Lockhart, who is not a voting member of the Fed policy committee, did not specify his view of the pace of tightening, saying there is “no map” and “no predetermined schedule of increases.”

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KaloBios Pharmaceuticals Inc. said it named Dr. Cameron Durrant as its chairman of the board, after electing him to the board on Jan. 7. Durrant, a former physician, is known as a pharmaceutical company builder and turnaround specialist. He has previously served as chairman, chief executive and chief financial officer for private and public specialty pharma and biotech companies. The company also said Ronald Barliant was elected to its board on Jan. 7, while Michael Harrison has resigned from its board. The stock has remained halted for trading since Dec. 17, when majority owner Martin Shkreli was arrested on fraud charges. KaloBios filed for bankruptcy on Dec. 30.

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Shares of Etsy fell 9% Monday, the day that a lockup agreement for about 21.9 million shares expired. Those shares were owned by executive officers, directors and “certain stockholders,” according to an SEC filing. The next lockup expiration is on April 10, 2016. Shares of Etsy have fallen 44% in the past three months, compared to the S&P’s loss of 5%. Etsy shares have fallen 74% since the company’s first day of trading on April 17, 2015.

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General Motors Co. [s:] shares were upgraded to outperform from neutral at Credit Suisse based on the bank’s belief that strong free cash flow will continue for longer than expected. The bank raised the price target on the stock to $38 from $37. Analysts believe the company is positioned to outdo its peers when When the global auto cycle experiences a downturn. Credit Suisse said in a note published Monday the management team is making the company more efficient, which will keep fixed costs in check and drove more than 100 basis points in margin expansion in 2015. One basis point is equal to 0.01%. GM shares are up 1.3% in morning trading, but down 16% for the past 12 months. The S&P is down 6% for the past 12 months.

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U.S. stocks opened higher on Monday, rebounding from heavy losses last week that marked the worst opening week of the calendar year in history for both the S&P 500 and the Dow. On Monday, stocks shrugged off a 5% plunge in Shanghai Composite and weakness in oil prices. The S&P 500 opened 11 points, or 0.5%, higher at 1,932. The Dow Jones Industrial Average added 100 points, or 0.6%, to 16,447. Meanwhile, the Nasdaq Composite began the day up 33 points, or 0.7%, at 4,677.

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American Apparel said Monday that it has received unanimous approval from its creditors for its reorganization plan. American Apparel filed for Chapter 11 bankruptcy in Oct. 2015. The plan includes a $40 million capital commitment from a third-party lender or comittee of lead lenders. American Apparel said there will be an amended reorganization plan that will include an increase to the litigation trust to $500,000 and an agreement with the holders of the company’s senior secured notes to waive their rights to a cash distribution. American Apparel will file the amended plan in the next few days with an approval hearing scheduled for Jan. 20 at 10 a.m. The effectiveness of the amended plan will be based on a $40 million commitment of exit capital in addition to the aforementioned $40 million from lenders, the release said. An investor group comprised of Hagen Capital Group and Silver Creek Capital Partners announced a separate $300 million acquistion offer on Monday.

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Under Armour Inc.’s stock tumbled 4.8% in premarket trade Monday after the athletic apparel maker was downgraded at Morgan Stanley, which cited concerns over declining market share and falling average selling prices (ASPs). Analyst Jay Sole cut his rating to underweight, after being at equal weight the last two years. He slashed his stock price target to $62, which was 17% below Friday’s closing price of $75, from $103. “Recent SportScan data shows [Under Armour] is losing market share for the first time in three years in apparel and, more surprisingly, ASPs are falling at an accelerating pace,” Sole wrote in a note to clients. “Though warm weather surely explains some of this, we think [Under Armour] may be reaching maturity in U.S. apparel faster than previously thought.” The stock, which is still up 11% over the past year, has tumbled 27% over the past three months, while the S&P 500 has lost 4.6%. The stock’s premarket selloff puts it on course to open at the lowest level since February 2015.

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Hanesbrands Inc. has been upgraded to buy from neutral at Nomura. Analysts raised their price target to $35 from $30. Acquisitions they’ve made in the past few years have set them on a path for growth, according to analysts. The company has made three acquisitions in the past three years, two of which, DBApparel and Knights Apparel, have international growth prospects, the bank said in a note published Monday. Before any new acquisitions, analysts said there are about 25 cents per share in “yet-to-be-realized” synergies. Nomura estimates that Hanesbrands pays an interest rate of about 4%, including $1 billion in 6.375% notes, but could refinance that in order to drive savings between 3 cents per share and 5 cents per share. Hanesbrands shares are up 2% in premarket trading and 4% for the past 12 months. The S&P is down 6% for the same period.

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Apple Inc.’s stock price target was slashed to $120 from $155 at Oppenheimer & Co., which cited concerns that the smartphone market is quickly becoming like the commoditized PC/notebook market. The new target is 24% above Friday’s closing price of $96.96. “In other words, the smartphone market will no longer see easy [year-over-year] growth,” analyst Andrew Uerkwitz wrote in a note to clients. ” And investors will have to accept Apple’s transition to a recurring revenue-based model, which may be hard to swallow for some Apple investors.” Uerkwitz maintained his outperform rating on Apple’s stock, however, saying that it remained “attractively valued” on a long-term basis. Separately, Apple was upgraded at Mizuho Securities, which suggested the stock’s recent selloff was overdone. The stock, which surged 1.7% in premarket trade, has lost 14% over the past three months, while the Dow Jones Industrial Average has slipped 4.3%.

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