By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, December 17th. Please refresh for updates.
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FedEx (NYSE:FDX) stock rose 5.5% after the delivery company reinstated its original fiscal 2022 forecast late Thursday, having negotiated persistent labor challenges with a relative degree of success during its peak holiday season.
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Oracle (NYSE:ORCL) stock fell 5.1% after the WSJ reported that the enterprise software company could pay as much as $30 billion, its largest acquisition to date, to buy Cerner (NASDAQ:CERN), an electronic-medical-records company. Cerner stock rose 16%.
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Darden Restaurants (NYSE:DRI) stock fell 3.6% after the owner of Olive Garden announced the planned retirement of CEO Gene Lee; that overshadowed the fact that it raised its forecasts for fiscal 2022 on solid quarterly results.
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Winnebago (NYSE:WGO) stock rose 4.1% after the recreational vehicle manufacturer beat quarterly profit and revenue expectations, as the company benefited from the Covid-19 pandemic skewing tourism spending to domestic vacation opportunities.
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Rivian (NASDAQ:RIVN) stock fell 8.4% after the electric vehicle manufacturer reported a hefty net loss in its first quarterly results as a public company, and also said its expected production would fall short of its 2021 target, an inauspicious omen for its ambitious plans to scale up production much more next year.
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General Motors (NYSE:GM) stock fell 3.6% after the auto giant announced that Dan Ammann, the chief executive of its self-driving car subsidiary Cruise, is leaving with immediate effect. This comes just as the company is preparing to receive approvals to operate a self-driving car service in San Francisco.
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Starbucks (NASDAQ:SBUX) stock fell 1.4% after Baird downgraded its stance on the coffee chain to ‘neutral’ from ‘outperform’, warning of uncertainty over its business in China as well as rising costs.
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Meta Platforms (NASDAQ:FB) stock fell 1.3%, following the tech sector lower, and weighed by the news that around 50,000 Facebook users have been targeted by private surveillance companies.
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U.S. Steel (NYSE:X) stock fell 5.1% after the steel producer issued disappointing guidance for the current quarter, citing higher expenses and cautious customer buying patterns.