By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, October 5th. Please refresh for updates.
Facebook (NASDAQ:FB) stock rose 1.2%, rebounding after losses of nearly 5% during the previous session on the back of a six-hour outage, the longest in the social media giant’s history. The company faces the testimony from whistleblower Frances Haugen before the U.S. Congress later Tuesday.
PepsiCo (NASDAQ:PEP) stock rose 1% after the soft drinks giant raised its full-year revenue forecast. lifted by the opening of public venues including theaters and restaurants as Covid-19-related social distancing measures were relaxed.
Tesla (NASDAQ:TSLA) stock rose 0.7%, recovering from sharp losses in the tech sector on Monday. The electric car maker faces having to pay an award of more than $130 million in damages against it in a case of racial harassment.
Johnson & Johnson (NYSE:JNJ) stock rose 0.5% on the back of the drugmaker filing for emergency use authorization for a booster shot of its Covid-19 vaccine in people aged 18 years and older.
Columbia Sportswear (NASDAQ:COLM) stock fell 1.7% after Bank of America (NYSE:BAC) downgraded its investment stance to ‘neutral’ from ‘buy’, citing supply chain issues in Asia, including factory closures in Vietnam.
SunPower (NASDAQ:SPWR) stock rose 1.7% in response to the company announcing plans to restructure its business to focus on the fast-growing residential market, aiming to buy rival Blue Raven (NASDAQ:RAVN) while looking to sell its commercial and industrial business.
Lordstown Motors (NASDAQ:RIDE) stock slumped 9.4% after Morgan Stanley (NYSE:MS) downgraded its investment stance to ‘underweight’ from ‘equal weight’, cutting its price target to just $2 from $8. The bank cited concerns about the sale price the troubled electric vehicle manufacturer is getting for its Ohio plant.