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Tesla Falls Premarket; AMC Entertainment, GameStop Rise

Stock MarketsJun 07, 2021 13:31
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By Peter Nurse -- Stocks in focus in premarket trade on Monday, June 7th. Please refresh for updates.

  • Tesla (NASDAQ:TSLA) stock fell 0.5% after CEO Elon Musk announced, with a tweet, that the electric car manufacturer had pulled the planned production of its Model S Plaid Plus, which would have been Tesla’s longest-range vehicle and was also expected to be the priciest version of its flagship sedan, the Model S.

  • Amazon (NASDAQ:AMZN), Facebook (NASDAQ:FB), Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and Netflix (NASDAQ:NFLX) stocks will all be in focus after the G-7 group of the main developed countries in the world agreed to back a minimum global corporate tax rate of 15%. Amazon CEO Jeff Bezos also announced that he will be aboard the first human spaceflight by Blue Origin on July 20. 

  • AMC Entertainment (NYSE:AMC) stock rose 2.5%, GameStop (NYSE:GME) stock rose 1.2% and Blackberry (TSX:BB) stock rose 1.7%, as these so-called meme stocks continued last week’s positive tone, although in a less volatile manner.

  • QTS Realty (NYSE:QTS) stock rose 21% after the Wall Street Journal reported that investment firm Blackstone Group (NYSE:BX), up 0.9%, will buy the data center operator for about $6.7 billion.

  • U.S. Concrete (NASDAQ:USCR) stock rose over 27% after the company agreed to be acquired by Vulcan Materials (NYSE:VMC), down 0.7%, for $1.3 billion, with the deal set close in the second half of the year. Vulcan expects the deal to add to earnings per share in the first full year after closing.

  • KKR (NYSE:KKR) stock rose 1.1% after the investment company announced plans to buy airport services company Atlantic Aviation from current owner Macquarie Infrastructure (NYSE:MIC), up over 13%, for nearly $4.5 billion, seeking to benefit from growing demand for private jet services. 

  • Progressive (NYSE:PGR) stock fell 2% after Morgan Stanley downgraded the insurance stock to ‘underweight’ from ‘equal weight’, saying the return of car travel in the United States has created significant downside.

  • Visa (NYSE:V) stock rose 1.2% after investment firm Piper Sandler upgraded its stance on the payment company to ‘overweight’ from ‘neutral’, saying the stock looked cheap relative to main rival Mastercard (NYSE:MA), which has outperformed Visa over the past year and since the start of 2020.

  • Peloton (NASDAQ:PTON) stock rose 1.6% after Loop Capital Markets initiated coverage on the exercise company with a ‘buy’ rating, saying its recent struggles, including the recall of around 125,000 Tread+ treadmills, are overblown and investors should buy the dip.

  • Biogen (NASDAQ:BIIB) stock rose 3.3% ahead of the U.S. FDA's decision on whether to approve the drugmaker’s Alzheimer's drug aducanumab.
Tesla Falls Premarket; AMC Entertainment, GameStop Rise

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