Lululemon, Micron and UBS rise premarket; Macy's, Foot Locker fall
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, March 29th. Please refresh for updates.
Lululemon Athletica (NASDAQ: LULU) stock rose 16% after the athleisure clothing retailer reported better-than-expected earnings late on Tuesday and forecast annual sales and profit above expectations on resilient demand and an easing inventory glut.
Micron (NASDAQ: MU) stock rose 2.1% after the chipmaker raised its guidance for the current quarter, expecting the inventory glut of recent months to be worked off.
UBS (NYSE: UBS) stock rose 3.2% after the Swiss banking giant brought back Sergio Ermotti as chief executive as it attempts to implement the takeover of embattled Credit Suisse (NYSE: CS).
Lucid Group (NASDAQ: LCID) stock rose 1.7% after the electric-vehicle maker said it would lay off about 18% of its workforce, or around 1,300 employees, to cut costs as part of a restructuring plan.
Apple (NASDAQ: AAPL) stock rose 0.8% after the iPhone maker launched its "buy now, pay later" service in the United States, allowing users to split purchases into four payments spread over six weeks with no interest or fees.
Macy’s (NYSE: M) stock fell 2.1% after the department chain announced CEO Jeff Gennette will retire next year after serving the company for 40 years, to be replaced by Bloomingdale's chairman and CEO Tony Spring.
- Medtronic (NYSE: MDT) stock fell 1% after UBS initiated coverage of the medical device company with a 'sell' rating, noting it lacks conviction that the company can return to sustainable mid-single-digit top-line growth.
- Foot Locker (NYSE: FL) stock fell 1.9% after UBS downgraded the footwear retailer to 'sell' from 'neutral', saying it will struggle in a recession.