Stockmarket

Cisco, Tesla, Kohl's Fall Premarket; Grab, Canada Goose Rise



© Reuters.

By Peter Nurse

Investing.com — Stocks in focus in premarket trade on Thursday, May 19th. Please refresh for updates.

  • Tesla (NASDAQ:) stock fell 1.8% after the electric-car maker was removed from the widely followed Index because of issues including crashes linked to its autopilot vehicles. A U.S. auto safety agency also opened an investigation into a fatal crash involving a Tesla vehicle in California.

  • Ford (NYSE:) stock fell 1.3% after the auto giant announced it is recalling 39,000 SUVs after reports of 16 fires and told owners to park outside and away from structures until a fix is completed.

  • Kohl’s (NYSE:) stock fell 8.4% after the company cut its full-year earnings forecast, becoming the latest of America’s biggest retailers in warning that is starting to take a toll on profit margins and consumer spending power.

  • Grab (NASDAQ:) stock rose 7.5% after the Asian ride-hailing and food delivery firm reported a 6% rise in as more people ordered food online.

  • Cisco (NASDAQ:) stock fell 11.8% after the networking-gear maker cut its 2022 revenue growth outlook due to China lockdowns and the Ukraine conflict.

  • Canada Goose (NYSE:) stock rose 10.4% after the retailer forecast full-year profit above market estimates, encouraged by strong demand for its luxury parkas and jackets.

  • Bath & Body Works (NYSE:) stock fell 7.6% after the retailer cut its profit outlook for the year, citing higher costs of raw materials, transportation and wages.

  • Synopsys (NASDAQ:) stock rose 4.2% after the software company quarterly earnings expectations and guided to a much higher full year, thanks to robust electronics and chip market demand.

  • Spirit Airlines (NYSE:) stock fell 2.2% after the carrier’s board urged shareholders to reject the unsolicited buyout offer from JetBlue Airways (NASDAQ:), down 0.6%, saying the offer was not in the best interest of the low-cost carrier and its stockholders.

  • Under Armour (NYSE:) stock fell 5% after Morgan Stanley downgraded its stance on the sports equipment company to ‘equal weight’ from ‘overweight’, saying confidence in its turnaround is waning with the departure of CEO Patrik Frisk.



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