By Geoffrey Smith
Investing.com — Stocks in focus in premarket trade on Tuesday, May 12th. Please refresh for updates.
- Tesla (NASDAQ:TSLA) stock rose 2.2% after CEO Elon Musk ordered the restart of production at its Fremont facility in the Bay Area in violation of an Alameda County lockdown order.
- Reports suggested that Musk had ordered employees to turn up for work from Monday, a move that could expose the company to huge financial liability if staff contract the disease before the county declares it safe to reopen.
- Toyota Motor (NYSE:TM) ADRs were down 1.5% after the company said it expects revenue to fall 20% in the current fiscal year due to the Covid-19 pandemic, against an industry-wide backdrop of a 15% drop in sales.
- The company posted a small profit in the first three months of 2020, which were the last quarter of its 2020 fiscal year.
- JPMorgan (NYSE:JPM) stock was up 1.0% after Federal Reserve officials played down the possibility of the Fed cutting official interest rates below zero next year.
- Penn National Gaming (NASDAQ:PENN) stock was down 0.9% at $18.50, after pricing a $300 million new share offering at $18 each, and raising another $300 million in convertible notes maturing in 2026.
- Hertz Global (NYSE:HTZ) shares fell 4.4% after the car rental company posted a wider-than-expected loss in the first quarter, amid a struggle to fend off bankruptcy.
- Casper Sleep (NYSE:CSPR) stock rose 1.3% after the online-mattress seller posted slightly better-than-expected results for the first quarter.
- PNC Financial (NYSE:PNC) stock was up 4.3% after it said it intends to sell its stake in 22% stake in Blackrock, worth around $17 billion at current prices.
- BlackRock (NYSE:BLK) stock was down 3.9%.
- Vodafone (NASDAQ:VOD) ADRs were up 6.9% after the company confirmed its final dividend for the year, banishing fears that it could cut its payout again. The company also laid out plans to cut over $1 billion in annual costs over the next three years
Stocks – Tesla, JPMorgan Rise in Premarket; Toyota Falls
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