Twitter, Tesla, Hertz Rise Premarket; JPMorgan, Starbucks Fall
2022.04.04 15:31
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Monday, April 4th. Please refresh for updates.
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Twitter (NYSE:TWTR) stock soared 20% after a regulatory filing showed that Tesla boss Elon Musk has taken a 9.2% stake in the social media company, worth almost $3 billion, making him the largest outside shareholder not long after he was critical of the social media platform and its policies.
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JPMorgan Chase (NYSE:JPM) stock fell 0.6% after CEO Jamie Dimon acknowledged a possible loss of up to $1 billion on its Russia exposure in the long term.
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Tesla (NASDAQ:TSLA) stock rose 0.8% after the electric car manufacturer delivered just over 310,000 vehicles during the first quarter, a new record.
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Starbucks (NASDAQ:SBUX) stock fell 2.7% after the coffee chain’s former boss Howard Schultz announced the suspension of the company’s stock repurchasing program, as he returns to the CEO role.
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Alibaba (NYSE:BABA) ADRs rose 4.2%, Baidu (NASDAQ:BIDU) ADRs rose 4.5% and Pinduoduo (NASDAQ:PDD) ADRs rose 8.7% after Chinese regulators said at the weekend they will lift the ban on providing full audit information to foreign regulators, likely removing the threat of a forced U.S. delisting.
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Logitech (NASDAQ:LOGI) stock rose 5% after Goldman Sachs upgraded its stance on the tech company to ‘buy’ from ‘neutral’, saying it should benefit as video conferencing becomes even more common.
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Hertz (NYSE:HRI) stock rose 2.4% after the Wall Street Journal reported that the car rental giant has agreed a five-year deal to buy 65,000 vehicles from Polestar to expand its electric cars lineup.
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Novartis (NYSE:NVS) ADRs rose 0.7% after the Swiss drugmaker unveiled a new simplified business structure, targeting savings of at least $1 billion by 2024.
