Stocks - Tesla, Cisco Fall Premarket; PepsiCo Rises
Investing.com - Stocks in focus in premarket trading on Tuesday:
•PepsiCo (NASDAQ:PEP) stock rose 1.2% in premarket trade by 8:20 AM ET (12:20 GMT) after its second-quarter earnings came in higher than expected, driven by an expansion into healthier snacks and drinks.
• Tesla (NASDAQ:TSLA) stock fell 0.7% after CEO Elon Musk said the company would not “refresh” its Model S or Model X vehicles.
• Cisco (NASDAQ:CSCO) stock lost 1% after it announced it is acquiring Acacia Communications (NASDAQ:ACIA) for $70 per share in a $2.6 billion deal, CNBC reported. Acacia surged 38%.
• Piper Jaffray (NYSE:PJC) stock inched up 0.1% on news that it is buying Sander O’Neil and Partners for $485 million, which will help it expand its M&A advisory business and expand its equity research.
• ABB (NYSE:ABB) stock declined 2.3% after the Swiss company said it will take a $430 million charge to offload its solar inverter business to Italy’s FIMER SpA.
• 3M (NYSE:MMM) stock slipped 1.5% after RBC downgraded the manufacturing company to “sector perform” from “outperform,” CNBC reported.
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