Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Dell rises premarket; Tyson Foods, Nordstrom fall

Published 02/06/2023, 07:33 AM
Updated 02/06/2023, 08:03 AM
© Reuters.

© Reuters.

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Monday, February 6th. Please refresh for updates.

  • Dell Technologies (NYSE:DELL) stock rose 1.5% after Bloomberg reported that the tech company was planning on slashing around 6,650 jobs, or about 5% of its global workforce, hurt by falling demand for its personal computers.

  • Tyson Foods (NYSE:TSN) stock fell 4.8% after the food producer missed quarterly revenue expectations, hit by slowing demand for its premium beef and pork cuts amid a fall in chicken prices.

  • AbbVie (NYSE:ABBV) stock fell 0.2% after the biopharmaceutical giant's CEO told the Wall Street Journal that the company will lift a self-imposed $2 billion limit on acquisitions and mergers placed following a $63B deal for Allergan in 2020 that dramatically expanded its debt.
  • Nordstrom (NYSE:JWN) stock fell 2.4%, handing back some of Friday's near 25% gains on the back of the Wall Street Journal reporting that billionaire and activist investor Ryan Cohen is building a "sizeable" investment in the department store chain and pushing for board changes.

  • Life Storage (NYSE:LSI) stock rose over 10% after Public Storage (NYSE:PSA), down 4.7%, made a hostile $11B for its rival, after having an earlier bid rejected.

  • Walt Disney (NYSE:DIS) stock fell 0.3% ahead of Wednesday's quarterly earnings. Morgan Stanley keeps an "overweight" rating, saying the stock can rise 35% as the cash-rich consumer can boost revenue at its parks.

  • Faraday Future Intelligent Electric (NASDAQ:FFIE) stock soared 34% after the company said it had raised enough funds to start production of its electric luxury car FF 91 Futurist in March.

Latest comments

Dell down 3.5% now - lay offs are not a good sign - sure, they're cutting costs, but it's an expensive process and these are people they've invested in for years - the lay offs continue as the economy is slowing rapidly - wait till the interest rates - up 15x in 10 months really start to bite - they've only just started - thousands of zombie companies going to the wall. it's all in the pipeline!
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.