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Stocks - Gap, Foot Locker Surge in Premarket; Tesla Sinks

Investing.com - Stocks in focus in premarket trade Friday:

• Foot Locker (NYSE:FL) stock surged 13.41% by 8:08 AM ET (13:08 GMT) after the company reported strong organic sales growth around the turn of the year and forecast that earnings per share will rise by over 10% in its current fiscal year.

• Gap (NYSE:GPS) stock soared 20.87% after the company announced it would spin off its Old Navy business and close about 230 Gap specialty stores over the next two years.

• Tesla (NASDAQ:TSLA) stock sank 4.09% after Chief Executive Elon Musk admitted that the company would not be profitable in the first quarter even as he cut more workers from the payroll for the third time this year.

• AT&T (NYSE:T) stock rose 0.55% amid reports that two of the firm’s longtime executives are stepping down, including HBO chief executive Richard Plepler. The Wall Street Journal, citing sources familiar with the matter, reported that David Levy, president of Turner - the parent of cable channels CNN, TNT, TBS and Cartoon Network - will also step down as early as Friday.

• Dell Technologies (NYSE:DELL) stock gained 1.44% as better-than-expected quarterly earnings and a full-year revenue forecast that topped estimates outweighed a worse-than-expected guidance for annual profit.

• Nordstrom (NYSE:JWN) stock advanced 1.40% after the company reported mixed fourth-quarter results.

• Autodesk (NASDAQ:ADSK) stock traded up 3.06% after quarterly results topped consensus on the top and bottom lines.

• Marriott International (NASDAQ:MAR) stock fell 1.21% after fourth-quarter revenue missed analysts’ estimates.

• AMC Entertainment (NYSE:AMC) stock jumped 8.34% fourth-quarter earnings per share smashed consensus.

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