Stocks - Tesla, Pepsico and MGM Resorts Soar in Premarket
Investing.com
Published Jul 13, 2020 08:02AM ET
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, July 13th. Please refresh for updates.
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Maxim Integrated Products (NASDAQ:MXIM) stock soared 18% after Analog Devices (NASDAQ:ADI), up 1.7%, confirmed it’s in talks to buy its rival in an all-stock transaction that values the combined enterprise at over $68 billion, one of the largest merger deals of the year.
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Pepsico (NASDAQ:PEP) stock rose 2.6% as although quarterly revenue fell 3%, this was better than expected as its snacks business benefited from a surge in at-home consumption during the lockdown. However, the company failed to provide a financial outlook for the year, beyond reassuring shareholders that payouts will total around $7.5 billion this year, of which $2 billion will be in the form of buybacks.
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Tesla (NASDAQ:TSLA) stock rose 7% after the electric carmaker announced it would slash the price of its newest product, the Model Y sport utility vehicle, by $3,000. seeking to maintain sales momentum in the Covid-19 pandemic. It isn't yet clear what effect previous price cuts on other models have had on the group's profitability.
- The company has benefited recently from speculation that another quarter of profits will make it eligible for inclusion in the S&P 500, triggering a fresh wave of buying by passive funds.
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Alphabet (NASDAQ:GOOGL) stock rose 1% after Google’s parent announced it will spend around $10 billion in India over the next five to seven years, a big commitment to an important growth market.
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Apple (NASDAQ:AAPL) stock rose 1.1% after investment firm Wedbush lifted its 12-month price target on the tech giant to $450 from $425, offering over 17% upside to Friday’s closing level.
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MGM Resorts (NYSE:MGM) stock rose 3.3% after the casino resorts operator opened its casino in Springfield, Mass., providing a welcome alternative revenue stream as its Nevada resorts struggle with the spread of the coronavirus which prompted a tightening of some local restrictions last week.
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BioNTech (NASDAQ:BNTX) stock climbed 9.4% after it was granted FDA fast-track designation to two of its Covid-19 vaccine candidates that it manufacturers in conjunction with Pfizer (NYSE:PFE), up 2.7%.
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Walt Disney (NYSE:DIS) stock rose 1.4% after opening the Walt Disney World Resort in Florida. The site's Magic Kingdom and Animal Kingdom opened on Saturday, and Epcot and Disney's Hollywood Studios are expected to follow from July 15.
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Electrocore (NASDAQ:ECOR) stock soared 251% after the FDA signed off on emergency use of the company’s device to treat asthma flare-ups in Covid-19 patients.
- Graphic Packaging (NYSE:GPK) stock dropped 8.5% after Jefferies (NYSE:JEF) downgraded its investment rating to "hold" from "buy", with a $15 price target.
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