By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, May 19th. Please refresh for updates.
Tesla (NASDAQ:TSLA) stock fell 1.8% after the electric-car maker was removed from the widely followed S&P 500 ESG Index because of issues including crashes linked to its autopilot vehicles. A U.S. auto safety agency also opened an investigation into a fatal crash involving a Tesla vehicle in California. Influential Wedbush analyst Dan Ives also cut his target price on Tesla, saying the situation in Shanghai in terms of COVID lockdowns will result in an "epic disaster" in the June quarter.
Ford (NYSE:F) stock fell 1.3% after the auto giant announced it is recalling 39,000 SUVs after reports of 16 fires and told owners to park outside and away from structures until a fix is completed.
Kohl's (NYSE:KSS) stock fell 8.4% after the company cut its full-year earnings forecast, becoming the latest of America's biggest retailers in warning that inflation is starting to take a toll on profit margins and consumer spending power.
Grab (NASDAQ:GRAB) stock rose 7.5% after the Asian ride-hailing and food delivery firm reported a 6% rise in quarterly revenue as more people ordered food online.
Cisco (NASDAQ:CSCO) stock fell 11.8% after the networking-gear maker cut its 2022 revenue growth outlook due to China lockdowns and the Ukraine conflict.
Canada Goose (NYSE:GOOS) stock rose 10.4% after the retailer forecast full-year profit above market estimates, encouraged by strong demand for its luxury parkas and jackets.
Bath & Body Works (NYSE:BBWI) stock fell 7.6% after the retailer cut its profit outlook for the year, citing higher costs of raw materials, transportation and wages.
Synopsys (NASDAQ:SNPS) stock rose 4.2% after the software company easily beat quarterly earnings expectations and guided to a much higher full year, thanks to robust electronics and chip market demand.
Spirit Airlines (NYSE:SAVE) stock fell 2.2% after the carrier’s board urged shareholders to reject the unsolicited buyout offer from JetBlue Airways (NASDAQ:JBLU), down 0.6%, saying the offer was not in the best interest of the low-cost carrier and its stockholders.
Under Armour (NYSE:UA) stock fell 5% after Morgan Stanley downgraded its stance on the sports equipment company to ‘equal weight’ from ‘overweight’, saying confidence in its turnaround is waning with the departure of CEO Patrik Frisk.
- Children’s Place (NASDAQ:PLCE) stock fell 4% after the kids' clothes retailer missed estimates in its first quarter, with the company citing unprecedented inflation levels as well as unseasonably cold weather.