By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, August 14th. Please refresh for updates.
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Apple (NASDAQ:AAPL) stock rose 0.1% while Google-owner Alphabet (NASDAQ:GOOGL) also rose 0.1% after ‘Fortnite’ publisher Epic Games filed lawsuits against the two tech giants claiming they illegally exploit a monopoly on app and in-app purchases.
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iQIYI (NASDAQ:IQ) stock dropped 11% after the company confirmed the SEC was investigating allegations of fraudulent financial statements. Baidu (NASDAQ:BIDU), the parent of iQIYI, dropped 5.1%, also weighed by a slip in its quarterly revenue.
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Tesla (NASDAQ:TSLA) stock rose 3.2%, continuing recent sharp gains which puts the stock on track to open above the July 20 record close of $1,643.00. Morgan Stanley (NYSE:MS) on Thursday upgraded the stock to 'equal weight' from 'underweight', albeit with a target price still below the current one.
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Applied Materials (NASDAQ:AMAT) stock rose 2.8% on the back of fiscal third-quarter results by the chip-maker supplier that beat analyst expectations.
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Vivint Smart Home (NYSE:VVNT) stock rose 5.5% after JPMorgan (NYSE:JPM) lifted its already high price target even higher, keeping its ‘overweight’ rating, saying the smart-home security services company was for investors “looking for a home run.”
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AMC Entertainment (NYSE:AMC) stock rose 3.4%, continuing Thursday’s 14% gain, after the largest U.S. cinema chain announced it expects to begin reopening its movie theaters in the U.S. from Aug. 21.
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Farfetch (NYSE:FTCH) stock rose 11% after the luxury fashion platform reported a narrower-than-expected quarterly loss and sales that surpassed expectations.
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DraftKings (NASDAQ:DKNG) stock fell 3.7% after the company posted a bigger-than-expected loss for the second quarter even with sales topping estimates.
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Madison Square Garden Sports (NYSE:MSGS) stock rose 3.8% after reporting a drop of 17% in revenue for fiscal 2020. A weak number, but not as bad as feared given the shutdown of sports events due to the Covid outbreak.