Apple, Palantir and Novavax Fall Premarket; Callaway Rises

By Peter Nurse 

Investing.com -- Stocks in focus in premarket trade on Tuesday, May 11th. Please refresh for updates.

• Apple (NASDAQ:AAPL) stock fell 2.4%. Facebook (NASDAQ:FB) was down 1.8%, Amazon (NASDAQ:AMZN) dropped 1.6%, Netflix (NASDAQ:NFLX) fell 1.7% and Alphabet (NASDAQ:GOOGL) dropped 1.3%, the mega-cap stocks down on a variety of factors, ranging from fears over monetary tightening to regulation action to tame Big Tech.  

• Tesla (NASDAQ:TSLA) stock fell 7.2% after signs of trouble for the electric car maker in China emerged. The country’s Passenger Car Association reported a 27% drop of locally-made cars in April, while Reuters reported the company decided against acquiring more land next to its Shanghai plant.

• Palantir Technologies (NYSE:PLTR) stock slumped 10% after the data analytics company’s net loss widened to $123.5 million in the quarter from $54.3 million a year earlier. That said, sales estimates came in ahead of expectations as it clinched more software contracts from businesses and governments across the world. 

• Novavax (NASDAQ:NVAX) stock fell over 13% after the drugmaker pushed back its timetable for seeking Covid vaccine approvals, saying it won’t apply for regulatory approval in the U.S., U.K. and Europe until the third quarter.

• Hanesbrands (NYSE:HBI) stock fell 11% after the apparel maker’s revenue forecast for the current quarter and full-year both fell short of expectations. It also announced a three-year plan designed to boost sales and profit margins.

• L Brands (NYSE:LB) stock fell 2.9% after the fashion retailer said its board had approved a plan to separate the company into two independent, public companies, Bath & Body Works and Victoria's Secret, after deciding against a sale of the lingerie brand.

• Perrigo (NYSE:PRGO) stock fell 2.6% after the maker of over-the-counter pharmaceuticals reported quarterly profit and revenue short of consensus. 

• Simon Property (NYSE:SPG) stock fell 3.5% after the real estate owner lowered its full-year profit per share forecast, with CEO David Simon saying the company does not expect a return to 2019 occupancy levels until next year or 2023.

• Virgin Galactic (NYSE:SPCE) stock fell 20% after the space travel company posted a first-quarter loss of $130 million, and said it was “evaluating” the timing of its next flight test.

• Callaway Golf (NYSE:ELY) stock rose 6.9% after the golf equipment and apparel company reported better than expected first-quarter profit and sales, saying demand for its products has never been higher, one of the beneficiaries of the pandemic.

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