Stocks - Macy's, Alibaba Fall in Pre-market; Canopy Growth Soars
Published Aug 15, 2018 08:14AM ET
Macy's, Alibaba Fall in Pre-market; Canopy Growth Soars
Investing.com - Stocks in focus in pre-market trade Wednesday:
• Macy's (NYSE:M) stock fell around 5% after the department store retailer reported a second-quarter sales decline. Sales totaled $5.57 billion, down from $5.64 billion last year.
• E-commerce giant Alibaba (NYSE:BABA) fell roughly 3%. Losses picked up speed after Chinese internet giant Tencent (OTC:TCEHY) reported a surprise drop in second-quarter net profit, its first decline in nearly 13 years.
• Helios & Matheson (NASDAQ:HMNY) plunged 27% after the parent company of MoviePass lost millions of dollars in the second quarter as the subscription-movie offering sought to change its rules.
• Tesla (NASDAQ:TSLA) shares lost 1% after Bloomberg reported that Chief Executive Elon Musk hadn’t officially tapped Goldman Sachs (NYSE:GS) as its financial adviser when he revealed plans last week to take the car maker private and said he had secured funding for the deal.
• Intel (NASDAQ:INTC) slid 0.6% after disclosing three more possible flaws in some of its microprocessors.
• U.S.-listed shares of Canada-based Canopy Growth (NYSE:CGC) shot up 47% after after liquor seller Constellation Brands (NYSE:STZ) said it will invest about $4 billion in the diversified cannabis company as part of an expansion of the companies' strategic partnership.
• Teva Pharma (NYSE:TEVA) gained 1.3% after a regulatory filing showed Warren Buffett's Berkshire Hathaway (NYSE:BRKb) increased its position by 6.7% during the second quarter.
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Written By: Investing.com
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