Tesla, Delta and Target Rise Premarket; Fastly Falls By Investing.com

By Peter Nurse 

Investing.com — Stocks in focus in premarket trade on Tuesday, June 8th. Please refresh for updates.

• Tesla (NASDAQ:) stock rose 2.9% on strong sales in China, a major market for the electric vehicle maker, shrugging off the news that long-time executive Jerome Guillen, who headed up the commercial truck sector of the company, has left the company.

• Clover Health (NASDAQ:) stock rose 35% as small-time retail investors again piled into some of the most heavily shorted U.S. stocks. The U.S. Securities and Exchange Commission has said it was looking into signs of market manipulation following the social-media driven rally of a number of so-called meme stocks.

• Delta Air Lines (NYSE:) stock rose 1.9% after Jefferies upgraded its stance on the airline to ‘buy’ from ‘hold’, saying it was best positioned to benefit as the next stage of the post-pandemic recovery kicks into gear.

• Fastly (NYSE:) stock fell 1% after services from the content-delivery network went down, affecting websites from a number of global news providers, including the New York Times, Bloomberg News as well as the U.K. government.

• Target (NYSE:) stock rose 1.5% after UBS upgraded its stance on the retailer to ‘buy’ from ‘neutral’, saying the company’s profitability should remain strong even as the pandemic ends and the effect of the stimulus ends.

• Johnson Controls (NYSE:) stock rose 2.6% after JPMorgan upgraded its stance to ‘overweight’ from ‘neutral’, saying the heating, ventilation and air conditioning company should continue to outperform in the months ahead.

• Boeing (NYSE:) stock rose 1.2% after Southwest Airlines (NYSE:), up 1.1%, ordered an additional 34 737 MAX 7 aircraft to its 2022 orders, making a total of 234 firm orders.

• Biogen (NASDAQ:) stock fell 0.4% a day after the biotech recorded gains of just short of 40% on the news that the U.S. FDA had approved its groundbreaking Alzheimer’s drug.

• Stitch Fix (NASDAQ:) stock rose 14% after the online clothing styling company reported a smaller quarterly loss than expected and issued an upbeat forecast, citing 20% growth in its active client base compared with a year ago. 

• Contango Oil & Gas (NYSE:) stock rose 9.1% after the energy producer agreed to merge with KKR’s Independence Energy business in an all-stock deal, with an enterprise value of about $5.7 billion.

• Etsy (NASDAQ:) stock fell 1.4% after the online crafts marketplace announced a private offering of $1 billion in convertible senior notes, with the proceeds to fund stock buybacks and for general corporate purposes.