U.S. Markets closed

FedEx, Netflix, Microsoft Rise Premarket; Smith & Wesson Falls

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Friday, June 24. Please refresh for updates.

FedEx (NYSE:FDX) stock rose 2.6% after the delivery giant reported higher quarterly earnings and issued a stronger-than-expected full-year forecast late Thursday, after it cherry-picked profit-boosting deliveries amid softening global demand for shipping.

Netflix (NASDAQ:NFLX) stock rose 1% after the streaming giant announced it had laid off 300 employees, or about 4% of its workforce, in the second round of job cuts aimed at lowering costs.

Seagen (NASDAQ:SGEN) stock rose 3.5% after the Wall Street Journal reported that pharmaceutical giant Merck (NYSE:MRK), up 0.1%, is pushing forward with a deal for the biotech, in what would be one of the largest takeovers of the year.

Microsoft (NASDAQ:MSFT) stock rose 1% after Citigroup calls the software giant a “top pick”, saying the worst of the selloff in the sector is over.

Smith & Wesson (NASDAQ:SWBI) stock fell 1.5% after the gun manufacturer’s fourth-quarter report showed a drop in annual revenue. The stock had posted sharp gains during the previous session after the U.S. Supreme Court established the right to carry firearms in New York, potentially a large market for the gun manufacturer.

Sarepta Therapeutics (NASDAQ:SRPT) stock fell 1.8% after the Food and Drug Administration suspended testing of the biotech’s experimental muscular dystrophy on the back of an adverse reaction in clinical testing.

Sunoco (NYSE:SUN) stock rose 2.8% after Mizuho upgraded its stance on the energy company to ‘buy’ from ‘neutral’, citing the company’s strong balance sheet.

Related Articles

Li Auto Announces More Than 30,000 L9 Electric SUV Reservations Over 3 Days

Altria Upgraded at Morgan Stanley on Price Dip, PT Lowered Following Juul Ban