Tesla, Darden Restaurants, Accenture fall premarket; Root rises
Investing.com -- Stocks in focus in premarket trade on Thursday, June 22nd. Please refresh for updates.
Amazon (NASDAQ: AMZN) stock rose 0.2% even after the U.S. FTC accused the online retail giant of enrolling millions of consumers into its paid subscription Amazon Prime service without their consent and making it hard for them to cancel. Amazon has also been linked with a bid for British online retailer Ocado (LON: OCDO).
Tesla (NASDAQ: TSLA) stock fell 3.2% after Morgan Stanley, one of the EV manufacturer’s most vocal supporters, downgraded its stance to ‘equal weight’ from ‘overweight’, saying a massive rally has pushed valuation to “fair” levels.
Darden Restaurants (NYSE: DRI) stock fell 3.9% after the group of restaurants announced that former CEO Gene Lee plans to step down as chair of the board even as quarterly earnings beat expectations.
Accenture (NYSE: ACN) stock fell 5.4% after the IT consulting firm forecast disappointing fourth-quarter revenue on worries that rising economic uncertainty will keep IT budgets tight.
Spirit Aerosystems (NYSE: SPR) stock fell 9.3% after the parts supplier said it will suspend production at its plant in Wichita, Kansas, after workers rejected a proposed four-year deal and announced a strike from June 24.
Alcoa (NYSE: AA) stock fell 3.5% after Morgan Stanley downgraded its stance on the aluminum giant to ‘underweight’ from ‘equal weight’, citing sluggish global growth and a stronger dollar.
Micron Technology (NASDAQ: MU) stock fell 0.2% after the memory chip firm announced plans to invest up to $825 million in a new chip assembly and test facility in India.
Root (NASDAQ: ROOT) stock rose 56% after the WSJ reported that the car insurance provider has received a takeover bid from Embedded Insurance.
- Overstock.com (NASDAQ: OSTK) stock rose 9.4% after the internet retailer won an auction for Bed Bath & Beyond’s (OTC: BBBYQ) intellectual property and digital assets.