Cisco, Tesla, Kohl’s Fall Premarket; Grab, Canada Goose Rise
2022.05.19 15:31
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Thursday, May 19th. Please refresh for updates.
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Tesla (NASDAQ:TSLA) stock fell 1.8% after the electric-car maker was removed from the widely followed S&P 500 ESG Index because of issues including crashes linked to its autopilot vehicles. A U.S. auto safety agency also opened an investigation into a fatal crash involving a Tesla vehicle in California.
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Ford (NYSE:F) stock fell 1.3% after the auto giant announced it is recalling 39,000 SUVs after reports of 16 fires and told owners to park outside and away from structures until a fix is completed.
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Kohl’s (NYSE:KSS) stock fell 8.4% after the company cut its full-year earnings forecast, becoming the latest of America’s biggest retailers in warning that inflation is starting to take a toll on profit margins and consumer spending power.
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Grab (NASDAQ:GRAB) stock rose 7.5% after the Asian ride-hailing and food delivery firm reported a 6% rise in quarterly revenue as more people ordered food online.
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Cisco (NASDAQ:CSCO) stock fell 11.8% after the networking-gear maker cut its 2022 revenue growth outlook due to China lockdowns and the Ukraine conflict.
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Canada Goose (NYSE:GOOS) stock rose 10.4% after the retailer forecast full-year profit above market estimates, encouraged by strong demand for its luxury parkas and jackets.
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Bath & Body Works (NYSE:BBWI) stock fell 7.6% after the retailer cut its profit outlook for the year, citing higher costs of raw materials, transportation and wages.
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Synopsys (NASDAQ:SNPS) stock rose 4.2% after the software company easily beat quarterly earnings expectations and guided to a much higher full year, thanks to robust electronics and chip market demand.
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Spirit Airlines (NYSE:SAVE) stock fell 2.2% after the carrier’s board urged shareholders to reject the unsolicited buyout offer from JetBlue Airways (NASDAQ:JBLU), down 0.6%, saying the offer was not in the best interest of the low-cost carrier and its stockholders.
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Under Armour (NYSE:UA) stock fell 5% after Morgan Stanley downgraded its stance on the sports equipment company to ‘equal weight’ from ‘overweight’, saying confidence in its turnaround is waning with the departure of CEO Patrik Frisk.
