By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trading on Wednesday, 16th March. Please refresh for updates.
- Starbucks (NASDAQ:SBUX) stock rose 5.8% after it said that CEO Kevin Johnson will retire at the end of the month. Chairman Howard Schultz will replace him as interim CEO.
- Chinese ADRs surged in response to a speech from Vice-Premier Liu He, in which he promised support for the economy and for financial markets, including a more measured approach to regulation of the Internet. Alibaba (NYSE:BABA) ADRs rose 20%, while Tencent (OTC:TCEHY) ADRs rose 19%.
- Lockheed Martin (NYSE:LMT) stock fell 3.1% after a report that the U.S. government will trim its order for F-35s in the 2023 budget by one-third. The move comes only days after the German government said it will buy over 30 F-35s in an urgent upgrade of its airforce.
- NortonLifeLock (NASDAQ:NLOK) stock fell 3.6% after the cybersecurity company launched an $8.6 billion bid for U.K.-listed software group Avast. The bid will be investigated by the U.K.’s Competition and Markets Authority.
- Spotify (NYSE:SPOT) stock rose 3.0% after the streaming giant announced a sponsorship deal with Spanish soccer club FC Barcelona
- Nvidia (NASDAQ:NVDA) stock rose 2.5% after receiving an upgrade from analysts at Wells Fargo, while fellow chipmaker Micron (NASDAQ:MU) rose 4.3% after getting similar treatment from analysts at Bernstein.