By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, March 5th. Please refresh for updates.
Costco (NASDAQ:COST) stock fell 1.3% after the wholesale retailer missed second-quarter profit estimates due to millions of dollars of increased costs arising from the pandemic. The company has also decided to raise the minimum wage for its hourly staff to $16, above what its main rivals pay.
Norwegian Cruise Line (NYSE:NCLH) stock fell 7.3% after the company announced a public stock offering of over 47 million shares.
Exxon Mobil (NYSE:XOM) stock rose 2.2% and Chevron (NYSE:CVX) stock rose 1.9% after OPEC decided against increasing supply to the global market, boosting the price of crude to the benefit of these oil majors.
Boeing (NYSE:BA) stock rose 0.5% after Bloomberg reported that the aircraft manufacturer has approached a group of banks for a new $4 billion revolving credit facility as it battles a prolonged slowdown in commercial air travel due to the pandemic.
Gap (NYSE:GPS) stock rose 4.4% after the clothes retailer forecast a return to sales growth this year, expecting sales at its Athleta brand to double in the next two years as the pandemic ends.
CoStar (NASDAQ:CSGP) stock rose 5.5% after the commercial property information company withdrew its bid for Corelogic (NYSE:CLGX), down 3.8%, citing rising interest rates.
Imax (NYSE:IMAX) stock fell 8% after the company posted a loss in the last quarter, despite healthy box office sales in China and Japan and an upbeat outlook.
Virgin Galactic (NYSE:SPCE) stock fell 4.5% after the spaceflight company’s chairman, Chamath Palihapitya, sold his personal holdings of 6.2 million shares for about $213 million, according to a SEC filing.
Broadcom (NASDAQ:AVGO) stock rose 0.7% after the company beat profit expectations, although it reported chip sales slightly below estimates, joining a growing list of chip industry peers hit by the global semiconductor shortage.