Stock Market News
Spirit Falls, JetBlue, Frontier Rise in Premarket
2022.05.02 16:27
By Geoffrey Smith
Investing.com — Stocks in focus in premarket trading on Monday, 2nd May. Please refresh for updates.
- Apple (NASDAQ:AAPL) stock fell 0.7% after the EU Commission’s antitrust department said it had abused its market dominance in the field of mobile wallets. The finding is preliminary.
- Berkshire Hathaway (NYSE:BRKa) stock rose 1.0% after Warren Buffett’s investment company announced a solid first-quarter performance at its annual shareholder meeting.
- ON Semiconductor (NASDAQ:ON) stock rose 4.6% after beating expectations for first-quarter earnings by around 16% and issuing second-quarter guidance that was similarly strong.
- Spirit Airlines (NYSE:SAVE) stock fell 7.2% after its board rejected an enhanced offer from JetBlue to pursue its planned merger with Frontier Group. Spirit said JetBlue’s offer still had too much execution risk, due to possible antitrust concerns. Frontier Group (NASDAQ:ULCC) stock fell 1.9% while JetBlue Airways Corp (NASDAQ:JBLU) stock rose 0.6%.
- Vestas Wind Systems (OTC:VWDRY) ADRs fell 7.2% after the Danish company – the world’s largest maker of wind turbines – said it may post a loss this year, as a write-off of its Russian business compounds problems with cost inflation and lower margins.
- Amazon (NASDAQ:AMZN) stock fell another 1.7%, the great liquidation that followed its disappointing first-quarter earnings still apparently not complete. Wedbush Securities removed the company from its conviction buy list.
- Ceragon Networks (NASDAQ:CRNT) stock fell 1.1% after Dish (NASDAQ:DISH) tapped it for a big contract supplying network services. The two companies didn’t put a price tag on the contract.
- Global Payments (NYSE:GPN) stock fell 2.5% after posting a mixed set of results for the first quarter. The second-quarter outlook wasn’t enough to dispel doubts about its current valuation, which is still over 40 times trailing earnings.
- HSBC (NYSE:HSBC) ADRs rose 0.9% after a report on Friday saying that its largest shareholder, Chinese insurance giant Ping An, had presented the U.K.-based bank with a plan to break itself up.
