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

Stock Markets Aug 15, 2019 08:43AM ET
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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.
  • Stocks: Walmart, Alibaba Surge in Premarket; GE, Canopy Growth Fall
     

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    Comments (3)
    Prague raj
    Prague raj Aug 15, 2019 10:08AM ET
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    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.
    rana khizar
    rana khizar Aug 15, 2019 9:27AM ET
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    China's overdraw to trump
    Ivan Couto Jr
    Ivan Couto Jr Aug 15, 2019 9:07AM ET
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    so chinese companies are fine, US ones are not. What is the reason to green numbers today?
    Dennis Liu
    Dennis Liu Aug 15, 2019 9:07AM ET
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    The honest truth is that no one really knows.
     
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