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Stocks - Tesla Soars in Premarket on Upgrade; Groupon Tumbles

Published 02/19/2020, 08:46 AM
Updated 02/19/2020, 08:48 AM
© Reuters.

By Geoffrey Smith

Stocks in focus in premarket trade on Wednesday, February 19th. Please refresh for updates.

9:05 AM ET: Barrick Gold (NYSE:GOLD) stock rose 0.8%, hitting another three-year high, after gold futures hit their highest level since 2013 on expectations that the world’s central banks will further loosen monetary policy to offset the impact of the Covid-19 outbreak on the economy.

Newmont Goldcorp (NYSE:NEM) rose 0.6% to its highest in three and a half years.

9 AM ET: Plug Power (NASDAQ:PLUG) rose another 8.9% to add to Tuesday’s 9.7% rise, as the hydrogen fuel cell company benefited from a surge of hot money being thrown at alternative energy stocks, squeezing what has been a heavily-shorted stock.

8:54 AM ET: Analog Devices (NASDAQ:ADI) stock rose 5.2%, zeroing in on an all-time high, after the company raised its dividend by 15% on the back of a better-than-expected final quarter in 2019.

  • 8:48 AM ET: Tesla (NASDAQ:TSLA) stock was up 6.7% at $858.40, nearing its previous record high, after Piper Sandler increased its target price to $928 a share. That makes it the only Wall Street house to have any upside in its target price.

  • The company said it expects Tesla (NASDAQ:TSLA) to make a big success out of energy generation and storage, alongside its electric vehicle business.

  • Alphabet (NASDAQ:GOOGL) stock was up 0.1% after the company said it would abandon Makani, the power-generating kites business that was one of its ‘moonshot’ projects. Alphabet’s non-core ventures lost $4.8 billion last year, an increasingly expensive distraction from its main search and advertising businesses.
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  • Devon Energy (NYSE:DVN) stock rose 1.6% after raising its production guidance for 2020 and trimming $50 million off the top end of its guidance range for capital spending this year.

  • Diamondback Energy (NASDAQ:FANG) stock rose 3.3% after the oil and gas producer reported better-than-expected earnings for the fourth quarter and upheld its guidance for the coming year, despite the weak start to 2020 for crude prices.

  • Groupon (NASDAQ:GRPN) stock fell 28.2% to a new all-time low after it said it plans to stop selling merchandise by the end of the year.

  • Bed Bath & Beyond (NASDAQ:BBBY) stock rose 6.9% after CEO Mark Tritton promised to “de-clutter” the company’s stores. The stock is still well below its level before last week’s earnings report, however.

    Latest comments

    Tesla is the flavor of the month. The stock analysts need to come up with something else to keep the bull market going.
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