Morgan Stanley, Spirit Airlines, Snowflake Rise Premarket; Nike Falls By Investing.com

By Peter Nurse

Investing.com — Stocks in focus in premarket trade on Tuesday, June 28th. Please refresh for updates.

• Nike (NYSE:) stock fell 2.1% after the athletic footwear retailer forecast first quarter revenue below estimates as it expects to discount more and wrestles with pandemic-related disruptions in China, its most profitable market.

• Morgan Stanley (NYSE:) stock rose 3.2%, Goldman Sachs (NYSE:) stock rose 1.9%, Wells Fargo (NYSE:) stock rose 1.0%, Bank of America (NYSE:) stock rose 1.2%, JPMorgan (NYSE:) stock rose 1.1% and Citigroup (NYSE:) stock rose 1.2% after the banks passed the Federal Reserve’s stress tests, prompting some to hike their dividends.

• JetBlue (NASDAQ:) stock rose 0.7% after the budget airline increased its bid for Spirit Airlines (NYSE:), up 4.1%, ratcheting up the war with Frontier Group (NASDAQ:), up 3.8%, as the race for the ultra-low-cost carrier continues.

• Occidental Petroleum (NYSE:) stock rose 4.2% after Berkshire Hathaway (NYSE:) increased its stake in the oil company to 16.4%.

• Twitter (NYSE:) stock rose 0.4% after Elon Musk gained access to data that he said was needed to complete his $44 billion acquisition of the social media giant.

• Ford (NYSE:) stock rose 1% after the auto giant warned the U.K. government that overriding a trade agreement with the European Union may threaten further investments in the country.

• FedEx (NYSE:) stock rose 1.1% and UPS (NYSE:) stock rose 0.6% after Credit Suisse stated that it’s now time to buy the delivery services as the recent share price falls present attractive buying opportunities.

• Snowflake (NYSE:) stock rose 3.3% after Jefferies upgraded its stance on the cloud-based data warehouse company to ‘buy’ from ‘hold’, seeing an “attractive entry point” and potentially 35% upside.