Alibaba, RH and Charles Schwab fall premarket; Roku, Philip Morris rise
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, March 30th. Please refresh for updates.
Alibaba (NYSE:BABA) ADRs fell 1.4%, consolidating after recent gains, while China’s biggest Internet platform company detailed plans to sell off non-core assets, saying it will consider giving up majority control of its six operating companies.
RH (NYSE:RH) stock fell 6.4% after the home furnishing retailer reported a weak quarter and continued to warn of a challenging backdrop amid weakness in the housing market.
Tesla (NASDAQ:TSLA) stock rose 0.7% after the electric vehicle manufacturer urged customers to "take delivery now" of its popular Model 3 before an expected decline in a tax credit for buyers of the car at the end of March.
Faraday Future Intelligent Electric (NASDAQ:FFIE) stock rose 8.8% after the EV start-up said it has started production of its first luxury electric car after a lengthy delay.
Philip Morris (NYSE:PM) stock rose 1.7% after JPMorgan upgraded its stance on the tobacco giant to ‘overweight’ from ‘neutral’, calling it a leader in the shift to healthier nicotine alternatives.
Charles Schwab (NYSE:SCHW) stock fell 1.1% after Morgan Stanley downgraded its investment stance on the financial services company to ‘equal weight’ from ‘overweight’, citing client outflows.
Southern Copper (NYSE:SCCO) stock fell 0.5% after Morgan Stanley downgraded the mining company to ‘equal weight’ from ‘overweight’, seeing a more balanced risk-reward following the stock’s recent outperformance.
Manchester United (NYSE:MANU) stock rose 0.5% after the English soccer club returned to a net profit in the second quarter on the back of higher commercial revenue and lower wages. Roku (NASDAQ:ROKU) stock rose 3.3% after the streaming device maker said it was cutting about 6% of its staff, or about 200 workers, as it tries to lower costs.
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