By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, June 21st. Please refresh for updates.
Tesla (NASDAQ:TSLA) stock rose 2.9% after CEO Elon Musk said that an economic slowdown is likely to result in a 10% cut in the number of salaried employees at the electric car manufacturer, or around 3% of its total workforce while playing down fears of rising competition.
Spirit Airlines (NYSE:SAVE) stock rose 8.8% after JetBlue (NASDAQ:JBLU), up 1.9%, lifted its takeover offer for the low-cost carrier in a bid to convince the ultra-low-cost carrier to accept its offer over rival Frontier Airlines' proposal.
Kellogg (NYSE:K) stock rose 8.1% after the food processing firm announced plans to split into three independent companies, by spinning off its United States and Canadian divisions as well as its Caribbean cereal and plant-based businesses.
- Lennar (NYSE:LEN) stock rose 3.4% after the homebuilder beat quarterly expectations, helped by rapidly appreciating house prices.
Exxon Mobil (NYSE:XOM) stock rose 2.4% after Credit Suisse (SIX:CSGN) upgraded its stance on the oil major to ‘outperform’ from ‘neutral’, saying it can jump another 45% from the current levels.
Charles Schwab (NYSE:SCHW) stock rose 3.2% after UBS upgraded its stance on the brokerage to ‘buy’ from ‘neutral’, saying it is “well insulated” from market risk and should rebound from here.
Palantir Technologies (NYSE:PLTR) stock rose 4.4% after Bank of America initiated coverage on the data analytics company with a ‘buy’ rating, saying investors are underestimating the demand growth for artificial intelligence.
Church & Dwight (NYSE:CHD) stock rose 2.4% after Wells Fargo upgraded its stance on the household products manufacturer to ‘overweight’ from ‘equal weight’, saying the defensive staples stock has upside.