Stocks - Under Armour, McDonald’s Fall Premarket; Ferrari Jumps
Investing.com
Published Nov 04, 2019 08:24AM ET
Investing.com - Stocks in focus in premarket trading on Monday:
• Under Armour (NYSE:UAA) stock slumped 14.1% in premarket trade by 8:20 AM ET (11:20 GMT) after it said it is being investigated by federal officials for its accounting practices. The probe is related to whether or not the company shifted sales from quarter to quarter to make its finances look better. Meanwhile, the apparel maker beat earnings estimates and said full-year earnings would be at the high end of its forecast range, but it still cut its full-year revenue outlook.
• McDonald’s (NYSE:MCD) stock fell 1.7% after its CEO, Steve Easterbrook, was fired for a consensual relationship with an employee, against company policy. He will be replaced by Chris Kempczinski, president of McDonald’s USA.
• Berkshire Hathaway (DE:BRKa) stock was in focus after its earnings came in better than expected, supported by growth in its business lines. The company also said its huge cash pile rose to a record-high $128.2 billion, as Warren Buffett and his team have found it harder to deploy cash.
• Ferrari (NYSE:RACE) stock surged 5.7% after it beat on its bottom and top line and raised its full-year outlook.
• Fiat Chrysler (NYSE:FCAU) stock rose 3.2% Commerce Secretary Wilbur Ross said that the U.S. may not impose import tariffs on European automakers after all. Fiat's intended merger partner PSA Group (PA:PEUP) also rose.
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