Investing.com - Stocks in focus in pre-market trade Tuesday:
• Apple (AAPL) stock slid 1.2% by 8:26AM ET (12:26GMT) amid a broadbased selloff sparked by fears over escalating trade tensions despite a New York Times report that U.S. President Donald Trump told chief executive Tim Cook that he would not place tariffs on iPhones made in China. Separately, it was reported that Apple planned to choose cheaper LCD screens for its new line of iPhones scheduled for release in September.
• Intel (INTC) stock sank 1.45% even though analysts told Reuters that the world’s largest chipmaker by revenue could avoid Trump tariffs by shifting production among its facilities.
• Amazon.com (AMZN) stock traded down 1.0% as Forbes reported that founder and Chief Executive Jeff Bezos is the richest person in world, worth a record $141 billion.
• Tesla (TSLA) stock fell 1.16% as CNBC reported that chief executive Elon Musk e-mailed staff about “extensive and damaging sabotage” by one of the company’s employees.
• Red Hat (RHT) stock lost 1.6% as Raymond James downgraded the firm to market perform from outperform.
• Colgate-Palmolive (CL) stock dropped 0.4% even as the firm authorized the repurchase of $5 billion worth of its shares, replacing a 2015 buyback program for the same amount.
• Alcoa (AA) stock traded down 1.7% as the firm announced that it will make a $62.4 million payment under an electricity supply agreement for its smelter in Wenatchee, Washington, and permanently close one of four potlines at the fully curtailed facility. The company said it will record an estimated charge of $73 million (pre- and after-tax), or $0.39 per share, in the second quarter of 2018.
• Tellurian (TELL) stock tumbled 11.76% after announcing that it planned a public offering of 12 million common stock and would use the proceeds “for general corporate purposes, including pipeline development and working capital.”
• NeuroMetrix (NURO) soared 44.6% after announcing that it had received a $3.8 million payment after achieving the first development milestone under its strategic collaboration with GSK Consumer Healthcare.