© Reuters.
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Wednesday, December 21st. Please refresh for updates.
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Nike (NYSE:) stock rose 11.7% after the world’s largest sportswear retailer stellar quarterly revenue growth, raising its full-year guidance, as North American shoppers stocked up ahead of the holidays.
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FedEx (NYSE:) stock rose 4.5% after the delivery giant announced it plans to slash an additional $1 billion in costs, aiming to boost profits by parking planes, closing offices, stopping rural Sunday delivery, and furloughing workers in its freight division.
- Rite Aid (NYSE:) stock rose 5.4% after the drugstore operator a smaller quarterly loss than expected, helped by sales growth at its retail operations.
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Tesla (NASDAQ:) stock rose 1.7%, after tumbling to a fresh two-year low in the previous session, following a report that the electric vehicle manufacturer is set to announce another round of layoffs and a hiring freeze in the coming quarter.
- Six Flags (NYSE:) stock rose 7.9% after the Wall Street Journal reported that activist shareholder Land & Buildings Investment Management has taken an approximate 3% stake in the theme-park operator and is seeking to monetize its real estate.
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Starbucks (NASDAQ:) stock fell 1.1% after Jefferies downgraded its stance on the coffee chain to ‘hold’ from ‘buy’, saying the stock’s 40% rally from its May lows leaves little upside as discretionary spending is hit.
- Philips (NYSE:) ADRs rose 5.2% after the unveiled the results from new testing that showed limited health risks from its recalled sleep-therapy devices.
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