By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, June 23rd. Please refresh for updates.
Under Armour (NYSE:UA) stock rose 0.5% after the investment firm Cowen added the sports equipment company to its best ideas list, keeping a ‘buy’ rating, saying it can add more than 50% after shedding about 10% over the past three months.
BioXcel Therapeutics (NASDAQ:BTAI) stock fell 11% after the company announced Tuesday that it has commenced an underwritten public offering of $100 million in common stock. The offering has a greenshoe option of a further $15 million.
Shake Shack (NYSE:SHAK) stock rose 3% after the fast food chain announced plans to expand in China, opening 10 restaurants in new territories by 2031.
Microsoft (NASDAQ:MSFT) stock rose 0.3% the day after the software giant became the second company to record a market value of more $2 trillion, after Apple (NASDAQ:AAPL). Wedbush Securities also lifted its price target to $325, implying more than 20% upside from Tuesday’s close.
Carvana (NYSE:CVNA) stock fell 1.8% after JPMorgan (NYSE:JPM) downgraded its recommendation on the online used cars portal firm to ‘neutral’ from ‘overweight’, saying the company’s stock was up almost 150% in the last 12 months, making “the near-term relative risk-reward less favorable.”
GlaxoSmithKline (NYSE:GSK) ADR rose 4.3% after the drugs company announced plans to turn its consumer healthcare business into a separately listed company, using the estimated $11 billion windfall to strengthen drug development at its pharmaceuticals business.
MicroStrategy (NASDAQ:MSTR) stock rose 3.7%, boosted by the sharp 8% gain in the price of the Bitcoin. The business analytics company holds several billion dollars worth of the cryptocurrency.
Winnebago (NYSE:WGO) stock rose 1.4% after the manufacturer of motorhomes reported strong quarterly results, with revenues doubling to record levels as the pandemic made its recreational vehicles a popular choice for those wishing to travel in a relatively Coronavirus-secure environment.