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Stocks - Tesla, Cisco, MGM All Fall in Premarket

Published 02/13/2020, 08:48 AM
Updated 02/13/2020, 09:01 AM
© Reuters.

By Geoffrey Smith

Investing.com -- Stocks in focus in premarket trade on Thursday, 13th February. Please refresh for updates.

  • 9:03 AM ET: BorgWarner (NYSE:BWA) stock was up 1.2% after announcing profit and revenue ahead of expectations for the three months through December. The auto supplier is still trading well below the level it was at before announcing the acquisition of rival Delphi, however.

  • 9 AM ET: Shopify (NYSE:SHOP) stock was up 0.6%, extending its outperformance after reporting earnings on Wednesday that were well ahead of expectations.

  • That’s despite downgrades on valuation concerns from Credit Suisse (SIX:CSGN) and others since the move.

    • 8:57 AM ET: Apple (NASDAQ:AAPL) stock rose 2.4% after the company said it expects to reopen some of its stores in Beijing from tomorrow. Albeit with reduced opening hours.

  • 8:54 AM ET: Kraft Heinz (NASDAQ:KHC) stock fell 1.9% after organic sales growth in the final quarter of 2019 came in below expectations.

  • U.S. organic sales fell 2.7% in the quarter, while overall organic sales fell 2.2%, more than the drop of 0.9% expected. The company still met forecasts for profit.

    • 8:48 AM ET: Tesla (NASDAQ:TSLA) stock fell 4.4% after the company said it wants to sell up to $2 billion in new stock to strengthen its balance sheet.

  • CEO Elon Musk has indicated he will buy up to $10 million of stock, or 0.5% of the shares on offer. That would result in a modest dilution of his holding in the company.
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    • MGM Resorts (NYSE:MGM) stock fell 2.9% after the company scrapped its guidance for the year, unable to quantify the hit to earnings from the closure of its casinos in Macau due to the Covid-19 outbreak.

  • The company also said long-serving CEO Jim Murren will step down ahead of schedule. He’ll stay on until a successor has been found. Murren had been responsible for diversifying MGM away from the casino business and into a broader portfolio of entertainment and hospitality operations.

    • Cisco Systems (NASDAQ:CSCO) fell 5.4% after predicting a prolonged soft patch in revenue as uncertainty caused by the Covid-19 outbreak keeps businesses away from making major investment decisions.

  • The company expects revenue to fall by between 1.5% and 3.5% in the current quarter.

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