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Amazon, Boeing, Shake Shack Rise Premarket; Lordstown Falls

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By Peter Nurse 

Investing.com — Stocks in focus in premarket trade on Tuesday, May 25th. Please refresh for updates.

Amazon (NASDAQ:AMZN) stock rose 0.9% following reports the retail giant is nearing a deal to acquire MGM Studios for up to $9 billion, which would be its biggest purchase since it bought Whole Foods in 2017 for $13.7 billion.

Boeing (NYSE:BA) stock rose 1.1% after SMBC Aviation placed an order for 14 additional jets of the single-aisle 737 MAX, pointing to confidence in the airplane that has struggled with safety issues.

Shake Shack (NYSE:SHAK) stock rose 5.5% after Goldman Sachs upgraded its stance on the burger chain to ‘buy’ from ‘neutral’, saying the company still has plenty of room for a post-Covid rebound.

Lordstown Motors (NASDAQ:RIDE) stock slumped over 13% after the electric vehicle producer slashed its production guidance of its Endurance truck for the year and said it will need to raise additional capital.

United Airlines (NASDAQ:UAL) stock rose 1.7% after the airline said in a SEC filing that ticketed yields have accelerated during the second quarter ahead of its prior projections. It now sees the key metric of revenue per available seat mile falling about 12% this quarter compared to its prior estimate of a 20% drop.

AutoZone (NYSE:AZO) stock rose 0.2% after the auto parts retailer reported stronger-than-expected quarterly earnings and revenue figures. Comparable-store sales surged 28.9%, but gross margins dropped, due in part to an acceleration of the company’s commercial business. 

Domino’s Pizza (NYSE:DPZ) stock fell 0.9% after Goldman Sachs downgraded its investment stance on the fast food chain to ‘neutral’ from ‘buy’, citing a pricy valuation after recent gains as well as rising competition.

Coinbase Global (NASDAQ:COIN) stock rose 1.3%, helped by renewed strength in the cryptocurrencies, as well as JPMorgan initiating its coverage of the crypto-exchange at ‘overweight’, saying the stock can rebound more than 60%.

Pet Acquisition (NASDAQ:WOOF) stock fell 0.8% after the pet products retailer announced a secondary stock offering of 22 million shares, but is not receiving any proceeds from the offering. 

 

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