By Peter Nurse
Investing.com -- 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.