Dell rises premarket; Tyson Foods, Nordstrom fall
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, February 6th. Please refresh for updates.
Dell Technologies (NYSE: DELL) stock rose 1.5% after Bloomberg reported that the tech company was planning on slashing around 6,650 jobs, or about 5% of its global workforce, hurt by falling demand for its personal computers.
Tyson Foods (NYSE: TSN) stock fell 4.8% after the food producer missed quarterly revenue expectations, hit by slowing demand for its premium beef and pork cuts amid a fall in chicken prices.
- AbbVie (NYSE: ABBV) stock fell 0.2% after the biopharmaceutical giant's CEO told the Wall Street Journal that the company will lift a self-imposed $2 billion limit on acquisitions and mergers placed following a $63B deal for Allergan in 2020 that dramatically expanded its debt.
Nordstrom (NYSE: JWN) stock fell 2.4%, handing back some of Friday's near 25% gains on the back of the Wall Street Journal reporting that billionaire and activist investor Ryan Cohen is building a "sizeable" investment in the department store chain and pushing for board changes.
Life Storage (NYSE: LSI) stock rose over 10% after Public Storage (NYSE: PSA), down 4.7%, made a hostile $11B for its rival, after having an earlier bid rejected.
Walt Disney (NYSE: DIS) stock fell 0.3% ahead of Wednesday's quarterly earnings. Morgan Stanley keeps an "overweight" rating, saying the stock can rise 35% as the cash-rich consumer can boost revenue at its parks.
Faraday Future Intelligent Electric (NASDAQ: FFIE) stock soared 34% after the company said it had raised enough funds to start production of its electric luxury car FF 91 Futurist in March.