FedEx, Winnebago fall premarket; Tesla, Spotify rise
Investing.com -- Stocks in focus in premarket trade on Wednesday, June 21st. Please refresh for updates.
FedEx (NYSE: FDX) stock fell 2.2% after the delivery giant issued a profit warning, saying ongoing "demand challenges" prompted its plans to ground 29 more aircraft in the fiscal year that started on June 1.
Winnebago Industries (NYSE: WGO) stock fell 4.9% after the recreational vehicle manufacturer reported a big revenue miss in its quarterly earnings following a drop in volumes and higher discounts.
Tesla (NASDAQ: TSLA) stock rose 1.2% after CEO Elon Musk stated the EV manufacturer is likely to make a significant investment in India after meeting with Narendra Modi during the Indian Prime Minister’s U.S. visit.
Spotify (NYSE: SPOT) stock rose 2% after Wolfe Research upgraded its stance on the audio streaming service to ‘outperform’ from ‘peer perform’, saying it can rally more than 20% citing ad revenue growth.
Li Auto (NASDAQ: LI) stock rose 4%, Nio (NYSE: NIO) rose 2.5%, and Xpeng (NYSE: XPEV) added 2.7% after China unveiled substantial tax breaks to boost sales of EVs and other green cars over the next four years.
Coinbase (NASDAQ: COIN) stock rose 3.2% with the cryptocurrency exchange benefiting after Bitcoin, the most widely used digital currency, hit its highest level in six weeks.
UBS (NYSE: UBS) stock rose 0.8% after Reuters reported that the Swiss banking giant will start cutting Asia investment banking jobs at Credit Suisse next month, moving towards integrating businesses.
Adobe (NASDAQ: ADBE) stock rose 1.5% after BMO Capital upgraded the enterprise software maker to ‘outperform’ from ‘market perform’, saying demand for artificial intelligence should boost spending.