Stocks in focus in premarket trade on Tuesday, March 30th
- Moody’s (NYSE:MCO) stock fell 0.9% after the European Union’s markets watchdog fined the credit ratings firm 3.7 million euros ($4.35 million) for breaching rules including the failure to disclose conflicts of interests.
- Tesla (NASDAQ:TSLA) stock fell 1.8% after the electric car maker was accused of double-charging some customers for new cars.
- Xiaomi (OTC:XIACF) stock fell 1.2% after the Chinese smartphone maker formally entered the electric vehicle business with plans to invest 10 billion yuan ($1.52 billion) in a wholly-owned subsidiary, with a total investment goal of $10 billion over the next ten years.
- Discovery (NASDAQ:DISCA) stock rose 1.6% and ViacomCBS (NASDAQ:VIAC) stock rose 2.4%, with these media stocks recovering after previous hefty losses as the Archegos hedge fund was forced to liquidate its positions to fund margin calls.
- Wells Fargo (NYSE:WFC) stock was flat, despite analysts from JPMorgan (NYSE:JPM) warning that the bank’s reported involvement in the Archegos fiasco could lead regulators to delay lifting its asset cap.
- Canoo (NASDAQ:GOEV) stock fell 7.6% after the startup ditched its previous plan of selling electric vehicle technology to other automakers and also announced the departure of its chief financial officer.
- PayPal (NASDAQ:PYPL) stock rose 0.8% after Reuters reported that the online payment system is set to announce that it has started allowing U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally.
- T-Mobile US (NASDAQ:TMUS) stock fell 0.4% after the company announced plans to shut down its live TV services and would instead offer YouTube TV and YouTube Premium under an expanded partnership with Alphabet (NASDAQ:GOOGL)’s Google.
- Activision Blizzard (NASDAQ:ATVI) stock fell 0.9% after the video games company announced the promotion of Blizzard chief commercial officer and the chief operating officer Armin Zerza to CFO of the whole company.
- McCormick (NYSE:MKC) stock rose 2.1% after the spice and condiment maker beat expectations with its quarterly results, and also raised its full-year forecast as consumers cooking more at home during the pandemic.
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