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Stocks - Apple Gains Premarket; Beyond Meat, T-Mobile Drop

·2 mins read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Tuesday, June 23rd. Please refresh for updates.

Apple (NASDAQ:AAPL) stock rose 1.6% after confirming it will transition its Mac laptop and desktop computers to its own ARM-based processors. The stock posted an all time high Monday, but Goldman Sachs (NYSE:GS) keeps a sell rating on the tech giant, saying “as we continue further into the Covid-related recession we believe that Apple's expensive products are likely to see substantially weaker demand than consensus expects.”

Beyond Meat (NASDAQ:BYND) stock dropped 1.2% after coffee giant Starbucks (NASDAQ:SBUX) teamed up with rival Impossible Foods, a private company, to sell a plant-based breakfast sandwich in the U.S. Starbucks had sided with Beyond Meat in Canada, encouraging hopes of a broader distribution agreement in the U.S.

T-Mobile (NASDAQ:TMUS) stock fell 0.9% after SoftBank announced plans to sell around $21 billion, around 65%, of its stake in the network operator, in an effort to plug the holes made in its finances b losses on companies such as Uber (NYSE:UBER) and WeWork.

Tesla (NASDAQ:TSLA) stock rose 0.6% after another fatal crash in Germany that raised suspicions that its Autopilot software may have malfunctioned. However, the electric carmaker is reported to now over 650,000 reservations for the Cybertruck electric pickup.

Peloton (NASDAQ:PTON) stock rose 1.4%, continuing the impressive run the indoor fitness company that produces stationary bikes and treadmills. The company’s stock is up over 80% year to date, profiting from the closure of gyms across the world in response to the pandemic.

Intuit (NASDAQ:INTU) stock rose 0.6% after announcing that it plans to lay off 715 employees as part of a cost-cutting exercise.

IHS Markit stock dropped 1.8% after the information and analytics company’s revenue fell a bit shy of expectations, amid "challenging" conditions brought on coronavirus.

Cboe Global Markets (NYSE:CBOE) stock dropped 2.6% after being downgraded to sell from neutral by Goldman Sachs, with the company’s stock having risen 26% in the past three months.

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