By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, July 1st. Please refresh for updates.
FedEx (NYSE:FDX) stock soared over 11% after the deliveries and logistics company posted strong fiscal fourth-quarter numbers, helped by a surge in online buying amid the coronavirus pandemic.
Beyond Meat (NASDAQ:BYND) stock climbed over 10% after signing a partnership with the Alibaba (NYSE:BABA) Group to make its plant-based Beyond Burger available in 50 Freshippo stores in Shanghai starting this weekend.
- Pfizer (NYSE:PFE) stock rose 2.8% and Biontech (NASDAQ:BNTX) rose 1.3% after the pair announced an extension of their cancer research collaboration.
Boeing (NYSE:BA) stock fell 2.2% after a report indicated that the U.S. plane-maker failed to submit certification documents to the U.S. Federal Aviation Administration detailing changes to a key flight control system blamed in two fatal crashes.
Facebook (NASDAQ:FB) stock dropped 0.9% after Target (NYSE:TGT), Pfizer (NYSE:PFE) and Volkswagen (DE:VOWG_p) joined the protest of the social giant’s perceived failure to halt hate speech and misinformation, pulling their advertising spending.
United Airlines (NASDAQ:UAL) stock dropped 0.8% after announcing that it would add 25,000 flights to its schedule for August, flying around 40% of its overall schedule. The surge in new infections of Covid-19 across many states raises the risk that the expanded service won't be able to cover its costs.
General Mills (NYSE:GIS) stock dropped 1.8% after the retailer beat expectations for its fiscal fourth quarter, boosted by strong demand for at-home food during the coronavirus pandemic. That said, the company is not providing guidance given the current uncertainty.
Constellation Brands (NYSE:STZ) stock climbed 2.3% after the beverage company announced the purchase of the direct-to-consumer Empathy Wines brand. Its first sales also dropped 6% in the first quarter, but paid its quarterly dividend and generated strong cash flow.
Macy’s (NYSE:M) stock dropped 2.6% after reporting fiscal first-quarter results. While these matched Wall Street expectations, and the retailer said nearly all of its stores have reopened, it has decided not to provide a financial outlook, creating uncertainty.
- YRC Worldwide (NASDAQ:YRCW) stock jumped 136% after the shipping company disclosed that it expects to receive a $700 million loan from the U.S. Treasury to ensure it maintains a reliable supply chain.