By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, August 24th. Please refresh for updates.
Best Buy (NYSE:BBY) stock rose 4.3% after the electronics retailer raised its full-year sales forecast, expecting demand to remain solid even as the pandemic-induced surge lessens.
Palo Alto Networks (NYSE:PANW) stock rose 11% after the cybersecurity company forecast a sharp jump in annual revenue while increasing its share buyback program by $676 million.
Cigna (NYSE:CI) stock rose 1.4% after the insurance company said it will repurchase $2 billion of stock through accelerated repurchase agreements.
Boeing (NYSE:BA) stock rose 0.6% after the Wall Street Journal reported that the Federal Aviation Administration is launching a review of how employees at the plane manufacturer handle safety matters on its behalf after complaints of undue pressure.
Blackstone (NYSE:BX) stock rose 0.2% after Reuters reported that the private equity firm is in talks to acquire Interplex Holdings, a Singapore-based technological services provider, for around $1 billion.
Coinbase (NASDAQ:COIN) stock rose 1.1% after investment bank Needham calls the cryptocurrency exchange a ‘buy’, citing the strength of its platform and new revenue opportunities.
Pinduoduo (NASDAQ:PDD) stock rose 7.9%, JD.com (NASDAQ:JD) stock gained 8.4%, Didi Global (NYSE:DIDI) stock rose 4.7%, Tencent Music (NYSE:TME) stock gained 5.2%, Alibaba (NYSE:BABA) stock rose 4.9% and Baidu (NASDAQ:BIDU) stock climbed 4% as the Chinese stocks listed in the U.S. bounced on bargain hunting. The rebound comes amid an apparent ebb in new regulatory announcements in China.
Medtronic (NYSE:MDT) stock rose 1.9% after the medical devices company beat revenue expectations, helped by a rebound in demand as patients underwent procedures that had been delayed by the pandemic.
Camping World (NYSE:CWH) stock rose 6.3% after the seller of recreational vehicles announced it would double its quarterly dividend.