Stocks - Twitter Down, Facebook up After Trump Strikes at Social Media
Investing.com
Published May 29, 2020 09:13AM ET
Updated May 29, 2020 09:24AM ET
By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trade on Friday, May 28th. Please refresh for updates.
- Twitter (NYSE:TWTR) stock was down 0.7%, extending Thursday's losses, after President Donald Trump signed an executive order paving the way for a potential crackdown on social media companies. The order aspires to give federal regulators greater say in deciding whether Internet platforms have deprived users of their rights to free speech under the First Amendment.
- Facebook (NASDAQ:FB) stock was up 0.1% against the same backdrop. Mark Zuckerberg's company has taken a less confrontational line than Twitter in recent days, saying it doesn't want to be the "arbiter" of free speech on the Internet. By contrast, Twitter has marked a series of tweets from Trump as either misleading or - in the case of his comments on last night's rioting in Minneapolis - "glorifying violence."
- Costco (NASDAQ:COST) stock was down 1.6% after wholesaler reported that sales have flattened out due to social distancing rules after an initial surge as consumers stockpiled ahead of coronavirus-driven lockdowns.
- Nordstrom (NYSE:JWN) stock was down 3.7% after the department store operator missed its earnings forecasts for the three months through April.
- Salesforce.com (NYSE:CRM) stock fell 3.6% after the software company cut its full-year forecast for earnings per share by around 7%, following a quarter when it extended payment deferments to clients and awarded one-off commissions to sales teams to help both with the effects of the pandemic.
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