JPMorgan Falls in Premarket on Dimon Surgery; CostCo Outperforms By

© Reuters.

By Geoffrey Smith — Stocks in focus in premarket trade on Friday, March 6th. 

  • JPMorgan (NYSE:) stock fell 4.4% after the bank confirmed that CEO Jamie Dimon had had to undergo heart surgery.
  • The bank will be led by In Dimon’s absence by Daniel Pinto, CEO of the investment bank, and Gordon Smith, CEO of the consumer bank. The two already share the job of group chief operating officer.
  • Costco Wholesale (NASDAQ:) stock fell 1.5%, outperforming the broader market, after the wholesaler reported better-than-expected earnings and revenue for the fourth quarter.
  • CostCo is seen by many as likely to profit from any near-term trend to panic-buying by U.S. consumers, albeit that may come at the expense of sales later on in the year.
  • Starbucks (NASDAQ:) stock fell 3.1% after it said it would suspend new store openings in China due to the coronavirus outbreak, and forecasting that comparable-store sales in China would be down by around half in the second quarter of this year.
  • Exxon Mobil (NYSE:) stock fell 3.8% and Chevron (NYSE:) stock fell 3.4% as crude futures plummeted in response to the failure of OPEC to sign Russia up to its proposal for further output cuts.
  • OPEC had proposed to cut output by a further 1.5 million barrels a day from current levels to bring balance back to a market where oil demand is collapsing due to the coronavirus.
  • Russia’s budget balances at a crude price of less than $50 a barrel, while most OPEC members need much higher prices for their budgets.
  • Facebook (NASDAQ:) stock was down 3.3% after the company took down misleading ads placed by President Donald Trump’s re-election campaign.
  • Tesla (NASDAQ:) stock was down 6.0% at $681.00 as hot money continued to flow out a stock that was one of the most technically overbought before the market started to suffer from fears about the economic impact of the coronavirus.
  • American Outdoor Brands (NASDAQ:) stock fell 26% after the parent company of Smith & Wesson reported disappointing earnings after the closing bell on Thursday.
  • Adjusted earnings per share were only 13c rather than the 23c expected, while revenue was also some 10% short of Wall Street forecasts.
  • The company upheld its timeline for splitting its firearms business off from its other operations.
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