Alibaba, RH and Charles Schwab fall premarket; Roku, Philip Morris rise
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, March 30th. Please refresh for updates.
Alibaba (NYSE: BABA) ADRs fell 1.4%, consolidating after recent gains, while China’s biggest Internet platform company detailed plans to sell off non-core assets, saying it will consider giving up majority control of its six operating companies.
RH (NYSE: RH) stock fell 6.4% after the home furnishing retailer reported a weak quarter and continued to warn of a challenging backdrop amid weakness in the housing market.
Tesla (NASDAQ: TSLA) stock rose 0.7% after the electric vehicle manufacturer urged customers to "take delivery now" of its popular Model 3 before an expected decline in a tax credit for buyers of the car at the end of March.
Faraday Future Intelligent Electric (NASDAQ: FFIE) stock rose 8.8% after the EV start-up said it has started production of its first luxury electric car after a lengthy delay.
Philip Morris (NYSE: PM) stock rose 1.7% after JPMorgan upgraded its stance on the tobacco giant to ‘overweight’ from ‘neutral’, calling it a leader in the shift to healthier nicotine alternatives.
Charles Schwab (NYSE: SCHW) stock fell 1.1% after Morgan Stanley downgraded its investment stance on the financial services company to ‘equal weight’ from ‘overweight’, citing client outflows.
Southern Copper (NYSE: SCCO) stock fell 0.5% after Morgan Stanley downgraded the mining company to ‘equal weight’ from ‘overweight’, seeing a more balanced risk-reward following the stock’s recent outperformance.
- Manchester United (NYSE: MANU) stock rose 0.5% after the English soccer club returned to a net profit in the second quarter on the back of higher commercial revenue and lower wages.
- Roku (NASDAQ: ROKU) stock rose 3.3% after the streaming device maker said it was cutting about 6% of its staff, or about 200 workers, as it tries to lower costs.