Investing.com - Stocks in focus in pre-market trade Friday:
• Time Warner stock (TWX) gained 1.7% by 8:04AM ET (12:04GMT) as AT&T (T) closed the acquisition shortly after the U.S. Department of Justice said it would not apply for a stay of a judge's ruling letting the deal go forward.
• Ford stock (F) dropped 0.1% as the firm reported that vehicle sales in China fell 29% in May despite steps being taken by the U.S. automaker like appointing a new sales leader and readying launches of new products.
• McDonald’s (MCD) stock lost 0.5% with the company in the headlines as it announced that it would replace plastic straws with paper ones in all its restaurants in the United Kingdom and Ireland, starting from September. According to the fast food chain, the decision was in response to the British government’s plans to ban plastic and strong customer opinion.
• Adobe Systems (ADBE) stock fell 2.6% as fiscal second quarter operating margin missed estimates despite higher revenues.
• Jabil Circuit (JBL) stock rose 1.6% after reporting fiscal third quarter results that beat on both the top and bottom line.
• NXP Semiconductors (NXP) stock jumped 2.2% on reports from South China Morning Post that Chinese regulators have approved Incorporated Qualcomm (QCOM) $44 billion buyout. However, Reuters’ sources dismissed that report, saying that it is not a done deal.
• Allegheny Technologies (ATI) stock slid 4.2% after JP Morgan downgraded the firm to underweight from neutral.
• Fitbit (FIT) stock fell 2.3% after six former and current employees were charged in a federal indictment for possessing trade secrets stolen from rival Jawbone.