Apple, Amazon, American Airlines Fall Premarket; Bed Bath&Beyond Rises
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, September 29th. Please refresh for updates.
Apple (NASDAQ: AAPL) stock fell 2.2% after Bank of America downgraded its stance on the iPhone maker to ‘neutral’ from ‘buy’, saying falling discretionary spending will result in underperformance.
Coinbase (NASDAQ: COIN) stock fell 2.5% after Wells Fargo initiated coverage of the cryptocurrency exchange with a ‘sell’ rating, saying rising competition will weigh on the stock.
American Airlines (NASDAQ: AAL) stock fell 1.5%, Delta Air Lines (NYSE: DAL) stock fell 0.9%, Norwegian Cruise Line (NYSE: NCLH) stock fell 1.2% and Carnival (NYSE: CCL) stock fell 1.5% as the airlines and cruise operators were forced to cancel trips given the arrival of Hurricane Ian.
Amazon (NASDAQ: AMZN) stock fell 1.4% after the world’s largest online retailer announced it will raise the hourly pay for its warehouse and transportation workers, costing nearly $1 billion over the next year.
Bed Bath & Beyond (NASDAQ: BBBY) stock rose 5%, boosted by the announcement of new financing even after the struggling home goods chain reported a bigger quarterly loss and a 28% drop in sales as people cut back on spending amid decades-high inflation.
- Rivian Automotive (NASDAQ: RIVN) stock rose 0.2% after Trust initiated coverage of the electric vehicle maker with a 'buy' rating, saying the stock is poised to surge 85%.
- CarMax (NYSE: KMX) stock fell 18% after the auto retailer missed quarterly estimates, citing a sharp drop in sales in the final months of the quarter.
- Rite Aid (NYSE: RAD) stock fell 11% after the drug store operator cut its full-year guidance, even after posting a smaller than expected loss for the last quarter.
- Vail Resorts (NYSE: MTN) stock rose 1.8% after the ski resort operator posted a smaller than expected quarterly loss, seeing strong demand for ski season passes.