Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Stocks - Cisco, Lyft and Vroom Fall Premarket

Stock MarketsAug 13, 2020 08:14AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Peter Nurse -- Stocks in focus in premarket trade on Thursday, August 13th. Please refresh for updates.

  • Cisco (NASDAQ:CSCO) stock fell 6.9% after the network equipment maker posted its first annual revenue decline in three years and laid out a restructuring plan to take into account the hit it has taken from the coronavirus crisis.

  • Lyft (NASDAQ:LYFT) stock fell 2% after it reported a dramatic drop in riders and revenue in the second quarter as the pandemic brought ride-sharing activity to a halt. Additionally, a judge in California ruled that Lyft and Uber (NYSE:UBER), down 0.8%, must classify their drivers as employees rather than contractors. The two companies have said they may have to shut down operations in that state if that remains the case.

  • Vroom (NASDAQ:VRM) stock fell 16% after the online car seller reported a bigger-than-expected quarterly loss in its first set of results since its market debut in June.

  • Aspen Technology (NASDAQ:AZPN) stock rose 27% after the software maker reported stronger than expected fiscal fourth quarter earnings, rebounding after sharp near-20% losses year to date.

  • FAT Brands (NASDAQ:FAT) stock rose 165% after the Wall Street Journal reported that the company was buying burger chain Johnny Rockets, expanding its stable of restaurant brands.

  • 3M (NYSE:MMM) stock rose 1.1% after the maker of personal safety products, among other things, saw a "broad-based improvement" in sales trends in July.

  • Micron Technology (NASDAQ:MU) stock fell 1.9% after Deutsche Bank downgraded its investment stance to “hold” from “buy”, cutting its price target to $48 from $60. The bank cited worries about Micron’s supply chain.

  • Southwest Airlines (NYSE:LUV) stock fell 1.5% after Chief Executive Gary Kelly said he did not expect the airline will be profitable in 2020, ending a 47-year streak of posting consecutive full-year profits.

  • Tapestry (NYSE:TPR) stock rose 5.1% after the parent of a number of retail brands posted a smaller-than-expected loss and better-than-expected sales for its fiscal fourth quarter.
  • Thermo Fisher Scientific (NYSE:TMO)stock fell 1.4% after announcing that its bid for molecular diagnostics company Qiagen (NYSE:QGEN), up 2.1%, has fallen through, as insufficient Qiagen shareholders approved the deal. As a result Qiagen will have to pay Thermo Fisher $95 million in expense reimbursement.
Stocks - Cisco, Lyft and Vroom Fall Premarket

Related Articles

U.S. Futures Edge Lower; Crucial Inflation Data Looms
U.S. Futures Edge Lower; Crucial Inflation Data Looms By - Apr 13, 2021

By Peter Nurse - U.S. stocks are seen opening marginally lower Tuesday, with negative news on the Covid-19 front weighing ahead of a highly anticipated inflation...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email