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Stocks: Walmart, Alibaba Surge in Premarket; GE, Canopy Growth Fall

Published 08/15/2019, 08:32 AM
Updated 08/15/2019, 08:43 AM
© Reuters.

Investing.com -- Stocks in focus in premarket trade on Thursday, 15 August.

  • General Electric (NYSE:GE) stock fell 4.0% after Harry Makropolos, a whisteblower famous for exposing the Ponzi scheme of the late Bernie Madoff, accused it of creative accounting that overvalued the company by some 40% of its market value.

  • Cisco Systems (NASDAQ:CSCO) stock fell 8.0% after it forecast sales growth to slow to between 0% and 2% in the current quarter, from 6% in July. It said the slowdown was caused largely by falling orders from China, while Brexit also depressed sales in the U.K.

  • Walmart (NYSE:WMT) stock surged 6.5% after the company reported stronger-than-expected earnings for the three months to July and raised its full-year forecast. Same-store sales rose 2.8% on the year thanks to price increases, while U.S. online sales rose 37%, underlining its rapid progress in that segment.

    • Alibaba (NYSE:BABA) rose 3.1% after it too reported a stronger-than-expected second quarter. Sales rose 42%, profit doubled and the company announced a $6 billion buyback over two years as founder Jack Ma prepares to step down as chairman.

  • Pivotal Software (NYSE:PVTL) rose 73% on reports that VMware (NYSE:VMW) is in talks to buy it. Both companies are controlled by Michael Dell. VMWare was down some 3.2%

  • Canopy Growth Corp (TSX:WEED) fell 10.4% after disappointing quarterly earnings marked by high expansion costs in Canada and Europe.

    Latest comments

    China is a teacholgy theif & copycat companies that steal from US. China is completely sucking oxygen from this planet. Even the Chinese don't trust what Chinese totalitarian regime.
    China's overdraw to trump
    so chinese companies are fine, US ones are not. What is the reason to green numbers today?
    The honest truth is that no one really knows.
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