By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, March 10th. Please refresh for updates.
GameStop (NYSE:GME) stock soared 15%, on course for its sixth straight session of gains, its longest streak in six months, as the group's new focus on online sales sparks revived interest in squeezing short-selling hedge funds.
Tesla (NASDAQ:TSLA) stock rose 0.8%, continuing Tuesday’s 20% gain which added around $100 billion to its valuation.
Eli Lilly (NYSE:LLY) stock rose 0.8% after the drug maker said its combination antibody therapy to fight Covid-19 reduced the risk of hospitalization and death by 87% in a study of more than 750 high-risk patients.
General Electric (NYSE:GE) stock rose 1.1% after the conglomerate announced a deal to combine its jet-leasing business with rival AerCap (NYSE:AER) in a deal valued at $30 billion. AerCap stock lost initial gains to trade flat.
Walt Disney (NYSE:DIS) stock rose 1.4% after the Wall Street Journal reported that the entertainment giant’s ESPN sports channel is close to signing a long-term rights deal with the NHL that would boost its cable and streaming services. The company said on Tuesday that its Disney+ streaming service now has 100 million subscribers.
ConAgra Foods (NYSE:CAG) stock rose 0.9% after the WSJ reported that the packaged foods company is in talks to sell its famous hot dog brand Hebrew National to Brazil’s JBS, potentially for around $700 million.
Apple (NASDAQ:AAPL) stock fell 0.7% after Nikkei news agency reported that the tech giant is cutting its planned production of the iPhone 12 mini for the first half of this year as part of a broader adjustment.
Levi Strauss (NYSE:LEVI) stock fell 0.1% after the denim specialist announced a reshuffle in the boardroom, with Chairman Stephen Neal stepping down, effective March 26, to be succeeded by Robert Eckert.
Toll Brothers (NYSE:TOL) stock rose 2.2% after the home construction company announced an increase in its quarterly dividend of over 50%, to be payable on April 23.
Campbell Soup (NYSE:CPB) stock fell 1.1% after the company missed estimates for quarterly revenue on Wednesday, hurt by declines at its food services segment due to the pandemic.
Roblox (NYSE:RBLX) stock will be in focus as the online games forum goes public through a direct listing Wednesday, with the New York Stock Stock Exchange setting a reference price of $45 a share.