Stocks in focus in premarket trade on Wednesday, March 24th
- GameStop (NYSE:GME) stock fell 13% after the video games retailer posted disappointing fourth-quarter results after the close Tuesday, and announced it was considering selling additional equity to fund its transformation.
- Intel (NASDAQ:INTC) stock rose 3.6% after the chipmaker announced plans to greatly expand its advanced chip manufacturing capacity by spending as much as $20 billion to build two factories in Arizona.
- Walt Disney (NYSE:DIS) stock rose 0.8% and cinema operator AMC Entertainment (NYSE:AMC) stock rose 2.6% (after shedding 14.6% on Tuesday) after Disney delayed the worldwide release of the blockbuster “Black Widow” by two months until July and said it would offer the movie simultaneously in theaters and for a fee on the Disney+ streaming service.
- Tesla (NASDAQ:TSLA) stock rose 1.1% after the electric car manufacturer’s CEO, not to mention ‘TechnoKing’, Elon Musk announced that the company would be accepting bitcoin as payment from U.S. customers.
- Johnson & Johnson (NYSE:JNJ) stock rose just 0.1% after the U.S. government said Tuesday that it has just 4 million doses of the company’s coronavirus vaccine to deliver to states next week, suggesting J&J is struggling to deliver its promised 20 million shots by the end of this month.
- Tencent Holdings (OTC:TCEHY) ADR rose 0.2% after the Chinese social media giant reported a 26% jump in quarterly sales, helped by a surge in revenue from its online gaming business. However, gains are limited after Reuters reported the company’s founder Pony Ma met with antitrust watchdog officials this month to discuss compliance at his group.
- Adobe (NASDAQ:ADBE) stock rose 0.4% after the computer software company’s fiscal first-quarter results topped expectations, with record quarterly revenue of $3.91 billion, up 27% on the year.
- Exxon Mobil (NYSE:XOM) stock rose 1.8%, even after Moody’s noted the company’s commitment to dividend payments at the expense of its credit quality, and Chevron (NYSE:CVX) stock rose 1.4% after crude prices climbed over 2% in the wake of the Suez Canal being blocked, disrupting supply lines.
- ViacomCBS (NASDAQ:VIAC) stock fell 6.7%, continuing to sink following Tuesday’s news of a $3 billion stock offering.
- General Mills (NYSE:GIS) stock fell 3.7% after the food producer announced plans to sell its stake in the European operations of yoghurt business Yoplait, in exchange for the Canadian operations.
- Winnebago (NYSE:WGO) stock rose 5% after the recreational vehicle maker reported strong second-quarter numbers, helped by demand for motorhomes during the pandemic.
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