Investing.com - Stocks in focus in pre-market trade Wednesday:
• Snap (NYSE:SNAP) stock sank 4.32% by 7:47 AM ET (12:47 GMT) as the company said it had received subpoenas from the U.S. Department of Justice and the Securities and Exchange Commission regarding information about is 2017 initial public offering.
• PG&E (NYSE:PCG) stock tumbled 8.53% after the company warned in an SEC filing that if a malfunctioning of utility equipment turned out to be the cause of the Camp Fire in California, it could face liabilities that surpass its insurance coverage.
• Canopy Growth (NYSE:CGC) stock plunged 9.56% as the company’s quarterly net loss widened from a year ago.
• Pfizer (NYSE:PFE) stock fell 0.51% as the UK Supreme Court ruled against the company in a patent case to prohibit generic versions of its drug Lyrica.
• Macy’s (NYSE:M) stock lost 0.73% despite reporting better-than-expected third-quarter profit and lifting its forward guidance. The stock has risen nearly 30% this year as of yesterday’s close.
• Tilray (NASDAQ:TLRY) stock slumped 3.81% after the company reported a decline in average selling prices, placing pressure on margins.
• Nike (NYSE:NKE) stock may see movement amid news that the company hired former Coca-Cola (NYSE:KO) executive Craig Williams as president of its sports shoes unit Jordan Brand.
• Starbucks (NASDAQ:SBUX) stock slipped 0.07% as the company planned to lay off about 350 global corporate employees, according to a memo to workers cited by Reuters.
• Ford Motor (NYSE:F) stock was little changed as its autonomous vehicle division announced it would team up with Walmart (NYSE:WMT) to explore self-driving goods delivery.
• Blue Apron (NYSE:APRN) stock gained 1.64% despite a decline in new clients and number of orders as the company announced it would cut its workforce by 4% as part of its strategy to reach profitability in 2019.