By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, May 13th. Please refresh for updates.
Tesla (NASDAQ:TSLA) stock rose 1.8%, rebounding after earlier losses in the wake of CEO Elon Musk’s tweeting that the electric-vehicle manufacturer is suspending the use of Bitcoin as a method to purchase its vehicles, citing concerns about the impact on the environment from mining for the cryptocurrency.
Prudential (LON:PRU) (NYSE:PUK) stock fell 4.3% after the U.K.-based life insurer said the spin-off of its U.S. business would not take place until the second half.
Alibaba (NYSE:BABA) ADR fell 3.1% after China's top e-commerce platform swung to a net loss after the company swallowed a $2.8 billion fine for monopolistic behavior imposed by Beijing. Quarterly revenue surged 64% as more people shopped online due to the coronavirus pandemic.
Sonos (NASDAQ:SONO) stock rose 13% after the maker of premium speakers raised its outlook for fiscal 2021 after it reported stronger-than-expected second quarter revenue, buoyed by elevated demand for its speakers from homebound consumers.
Vroom (NASDAQ:VRM) stock rose 13% after the used car retailer reported strong first-quarter sales, and a smaller loss than anticipated, with its online sales nearly doubling as the public shunned public transport.
Bumble (NASDAQ:BMBL) stock fell 1.5% after the online dating app swung to a profit in the first quarter, with sales more than doubling due to an uptick in paying users.
Jack In The Box (NASDAQ:JACK) stock fell 5% after the burger chain predicted higher cost pressures, seeing commodity cost inflation of about 3% and labor cost inflation of 5% to 6%. The company also said it sees high single-digit system same-store sales growth for its fiscal year.
Casper Sleep (NYSE:CSPR) stock rose 6.2% after the mattress maker raised its full-year outlook, after reporting a smaller-than-expected quarterly loss and saw revenue exceed estimates.
Canada Goose (NYSE:GOOS) stock rose 5.4% after the winter wear retailer forecast annual revenue above C$1 billion for the first time, after surging online sales and strong Chinese demand helped it post a surprise profit.
Lowe’s (NYSE:LOW) stock rose 1% after Oppenheimer upgraded its stance on the home improvement retailer to ‘outperform’ from ‘market perform’, saying the stock can rise another 20% given the current rotation into cyclical stocks.
BJs Wholesale Club (NYSE:BJ) stock rose 0.6% after JPMorgan upgraded its stance on the wholesale retailer to ‘outperform’ from ‘neutral’, saying its membership program is undervalued.