Shares of JD.Com Inc (NASDAQ: JD) fell more than 4% in premarket trade as the Chinese online retailing giant missed third-quarter revenue expectations. Revenue for the quarter was 104.8 billion yuan, versus a consensus estimate of 106.2 billion yuan. Net income was 3.0 billion yuan, compared to 1.0 billion yuan for the same period last year.
Renault SA (OTCMKTS: NSANY) shares are tanking after that Japanese carmaker Nissan said it will propose to the board of directors to promptly remove Carlos Ghosn from his positions as chairman and representative director over what it calls serious financial misconduct. In a statement, Nissan said its investigation showed that over many years Ghosn has been underreporting compensation amounts to the Tokyo Stock Exchange. Ghosn is the CEO of Renault, and the company’s shares fell more than 10% on Monday morning.
PG&E Corporation (NYSE:PCG) is down 7% in premarket trading as it has been reported that the embattled utility giant reported a second power outage the morning of November 8th when the ongoing California “Camp Fire” began. The news came in a report filed with the California Public Utilities Commission. This comes after PG&E skyrocketed 40% late last week on news that California’s Public Utility Commission “couldn’t imagine bankruptcy”. Commenting on the case, Brad Sadek of Sadek and Cooper, a bankruptcy and foreclosure defense law firm based in Philadelphia, said that how PG&E will emerge from its current debacle is still up in the air. “As a public utility, PG&E may get bailed out with taxpayer funds in order to avoid bankruptcy. The question is what happens to California’s state budget in that event. Bankruptcy,” Sadek continued, “wouldn’t be the end of PG&E though,” noting that PG&E Company, the utility, also went bankrupt in 2001 and emerged from that bankruptcy in 2004.
TESARO Inc (NASDAQ: TSRO), whose shares soared 31.48% on Friday on acquisition rumors, saw its shares falling over 2% in premarket trade Monday. Bloomberg News, on Friday, reported that the struggling drugmaker is exploring a sale. Unnamed sources told the publication that TESARO “is working with financial advisers after receiving takeover interest.”
Shares of Apple Inc. (NASDAQ: AAPL) fell 1.60% in premarket trade Monday after a report from The Wall Street Journal revealed that said the Cupertino-based tech giant has slashed orders for the iPhone XR, XS and XS Max models.
Babcock & Wilcox Enterprises (NYSE: BW) has appointed Kenny Young as new CEO to replace Leslie Kass, who is leaving the company to pursue other opportunities. Additionally, B&W has named Lou Salamone as executive vice president of finance. The company expects that Salamone will move to the role of CFO in the near term. B&W shares rose 4.30% in premarket trade.