Tesla, Spirit Airways, Kellogg, and Lennar Rise Premarket By Investing.com

By Peter Nurse

Investing.com — Stocks in focus in premarket trade on Tuesday, June 21st. Please refresh for updates.

• Tesla (NASDAQ:) stock rose 2.9% after CEO Elon Musk said that an economic slowdown is likely to result in a 10% cut in the number of salaried employees at the electric car manufacturer, or around 3% of its total workforce while playing down fears of rising competition.

• Spirit Airlines (NYSE:) stock rose 8.8% after JetBlue (NASDAQ:), up 1.9%, lifted its takeover offer for the low-cost carrier in a bid to convince the ultra-low-cost carrier to accept its offer over rival Frontier Airlines’ proposal.

• Kellogg (NYSE:) stock rose 8.1% after the announced plans to split into three independent companies, by spinning off its United States and Canadian divisions as well as its Caribbean cereal and plant-based businesses.

• Lennar (NYSE:) stock rose 3.4% after the homebuilder , helped by rapidly appreciating house prices.

• Exxon Mobil (NYSE:) stock rose 2.4% after Credit Suisse upgraded its stance on the oil major to ‘outperform’ from ‘neutral’, saying it can jump another 45% from the current levels.

• Charles Schwab (NYSE:) stock rose 3.2% after UBS upgraded its stance on the brokerage to ‘buy’ from ‘neutral’, saying it is “well insulated” from market risk and should rebound from here.

• Palantir Technologies (NYSE:) stock rose 4.4% after Bank of America initiated coverage on the data analytics company with a ‘buy’ rating, saying investors are underestimating the demand growth for artificial intelligence.

• Church & Dwight (NYSE:) stock rose 2.4% after Wells Fargo upgraded its stance on the household products manufacturer to ‘overweight’ from ‘equal weight’, saying the defensive staples stock has upside.