By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, February 16th. Please refresh for updates.
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Airbnb (NASDAQ:ABNB) stock rose 4% after the home rental company posted strong fourth-quarter results, reinforcing a trend toward longer stays and higher average spending by guests.
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ViacomCBS (NASDAQ:VIAC) stock fell over 11% after the media giant’s fourth-quarter earnings fell short of estimates, further stoking concerns that its bet on streaming will be a drain on resources, forcing it to spend heavily to take on dominant players Netflix (NASDAQ:NFLX) and Disney+.
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Kraft Heinz (NASDAQ:KHC) stock rose 1.4% after the packaged food giant beat estimates for quarterly sales, benefiting from higher product prices and sustained demand for its meals and condiments.
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Roblox (NYSE:RBLX) stock slumped 16% after the gaming platform missed estimates for quarterly bookings, as the pandemic-driven frenzy for its video games waned.
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Wynn Resorts (NASDAQ:WYNN) stock fell 2.4% after the hotel and casino chain posted a wider than expected loss in the fourth quarter, with the Covid restrictions weighing, especially on its Macau site. The company also announced a sale and leaseback for the buildings and land associated with its Encore Boston Harbor casino.
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Denny’s (NASDAQ:DENN) stock fell 2.8% after the diner chain missed fourth quarter expectations, both at the top and bottom lines,
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Macy’s (NYSE:M) stock rose 3% after Evercore ISI upgraded its stance on the retail chain to ‘outperform’ from ‘in line’, seeing several opportunities for revenue growth and the possibility of 90% upside.
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Vacasa (NASDAQ:VCSA) stock rose 8.1% after JPMorgan initiated coverage of the vacation rental company with an ‘overweight’ recommendation, saying the company is a better bet than Airbnb.
- Devon Energy (NYSE:DVN) stock rose 2.7% after the oil producer reported fourth-quarter results above estimates, helped by record crude prices. It also increased the fixed part of its dividend by 45% and its stock buyback program by 60% to $1.6 billion.