Bed Bath & Beyond, Nio, Spirit Airlines Fall Premarket; Pinterest Rises
2022.06.29 17:41
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Wednesday, June 29th. Please refresh for updates.
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Pinterest (NYSE:PINS) stock rose 4.7% after long-time Chief Executive Officer Ben Silbermann announced he is stepping down, handing over the reins of the social media platform to Google commerce executive Bill Ready.
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Tesla (NASDAQ:TSLA) stock fell 1.1% after the electric car manufacturer decided to shut its office in San Mateo, California, laying off roughly 200 employees in a move seen as accelerating cost-cutting.
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Nio (NYSE:NIO) ADRs fell 6.4% after a short-selling report by Grizzly Research accused the Chinese electric-vehicle maker of manipulating its sales data, by using an unconsolidated related party – Wuhan Weineng Battery Asset Management – to exaggerate its revenue and profitability. Nio denied the allegations.
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Bed Bath & Beyond (NASDAQ:BBBY) stock slumped over 13% after the domestic merchandise retailer announced that CEO Mark Tritton would be leaving the role while posting a bigger first quarter loss than expected.
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General Mills (NYSE:GIS) stock almost 3% after the food retailer beat quarterly expectations even after wrestling with higher costs, and raised its quarterly dividend by 6%.
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Walt Disney (NYSE:DIS) stock rose 1.11% after the entertainment giant’s board of directors unanimously voted to extend CEO Bob Chapek’s contract for three years, a major vote of confidence in his leadership.
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Spirit Airlines (NYSE:SAVE) stock fell 0.5% after the carrier rejected JetBlue‘s (NASDAQ:JBLU) sweetened offer, citing antitrust concerns, and asked its shareholders to vote for a merger with Frontier Group (NASDAQ:ULCC) at a meeting on Thursday. JetBlue stock fell 0.6% and Frontier stock rose 2.4%.
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Airbnb (NASDAQ:ABNB) stock fell 1% after the short-term rental platform announced a global ban on parties, confirming the temporary restriction it put in place two years ago.
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McDonald’s (NYSE:MCD) stock rose 1.0% after Atlantic Equities upgraded its stance on the burger giant to ‘overweight’ from ‘neutral’, seeing it as a defensive play in which to ride out slowing consumer spending.
