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Friday, October 22, 2021

FedEx, Adobe Fall Premarket; General Mills Rises

FedEx, Adobe Fall Premarket; General Mills Rises
© Reuters.

By Peter Nurse 

Investing.com — Stocks in focus in premarket trade on Wednesday, September 22nd. Please refresh for updates.

FedEx (NYSE:FDX) stock fell 6% after the delivery company reported disappointing first-quarter earnings, citing supply chain issues and a labor crunch. It also cut its full-year earnings forecast. 

DraftKings (NASDAQ:DKNG) stock rose 0.3% after the sports gambling company increased its bid for U.K.-based Entain to over $16 billion, prompting fears it could be overpaying. The stock fell over 7% on Tuesday on such concerns.

General Mills (NYSE:GIS) stock rose 3% after the foods giant reported better-than-expected first-quarter sales, helped by strong growth in its pet foods business.

Stitch Fix (NASDAQ:SFIX) stock soared over 12% on the back of the online personal styling service reporting strong quarterly earnings, with the company citing healthy growth in its women’s and kids’ categories.

Hyatt Hotels (NYSE:H) stock fell 2.7% after the hotel chain announced it will offer 7 million shares of its common stock to help fund its pending acquisition of Apple (NASDAQ:AAPL) Leisure.

Adobe (NASDAQ:ADBE) stock fell 3.7% after the software company announced that annual recurring revenue, a metric that shows how much revenue the company will get based on subscriptions, showed slowing growth in its third-quarter release.

Walt Disney (NYSE:DIS) stock rose 0.9% after Credit Suisse (SIX:CSGN) reiterated its ‘outperform’ rating on the entertainment giant, saying the recent selloff is overdone and it can rebound nearly 30%. The selloff had been triggered by the company’s warning of slowing subscriber growth for its Disney+ streaming channel.

SoFi Technologies (NASDAQ:SOFI) stock rose 4.7%, helped by Jefferies (NYSE:JEF) initiating coverage of the personal finance app at ‘buy’, saying it’s still early in its growth cycle and it can rise more than 60%.

 

Source: Investing.com

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