Virgin Orbit, Bed Bath&Beyond and Nikola fall premarket; ELF Beauty rises
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By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, March 31st. Please refresh for updates.
Virgin Orbit (NASDAQ: VORB) stock slumped 40% after the satellite-launch provider said in a filing with the U.S. Securities and Exchange Commission that it would also lay off 85% of its staff after it failed to "secure meaningful funding."
Bed Bath & Beyond (NASDAQ: BBBY) stock fell 4.1% after the troubled retailer warned it will likely go bankrupt if a last-gasp $300 million equity offering fails.
- JD.com (NASDAQ: JD) ADRs fell 0.4% after Loop Capital downgraded the Chinese e-commerce company to 'hold' from 'buy', on valuation after strong gains in the previous session with its subsidiaries filed for IPOs.
Nikola (NASDAQ: NKLA) stock fell 7.3% after the electric vehicle manufacturer said it will attempt to raise $100 million via a secondary stock offering to the public.
- ELF Beauty (NYSE: ELF) stock rose 1.4% after Morgan Stanley maintained an 'overweight' rating on the cosmetics company, saying it's its preferred name in the sector.
- Cintas (NASDAQ: CTAS) stock fell 1.4% after Jefferies downgraded its stance on the services company to 'hold' from 'buy', after strong gains on the back of solid third-quarter earnings.
- Generac (NYSE: GNRC) stock fell 3.4% after Bank of America downgraded the power systems provider to 'underperform' from 'neutral', saying its 2023 guidance is unrealistic.
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