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Uber, Apple Rise Premarket; Wendy's Drops

Published 11/04/2020, 08:09 AM
Updated 11/04/2020, 08:10 AM
© Reuters.

By Peter Nurse 

Investing.com -- Stocks in focus in premarket trade on Wednesday, November 4th. Please refresh for updates.

  • Uber (NYSE:UBER) stock rose 14% and Lyft (NASDAQ:LYFT) stock rose 17% after the ride-hailing companies won a pivotal vote that lets them sidestep a California labor law, meaning their drivers do not have to be reclassified as employees.

  • Apple (NASDAQ:AAPL) stock rose 3.6%, Facebook (NASDAQ:FB) climbed 4.4%, Amazon (NASDAQ:AMZN) rose 3.6%, Netflix (NASDAQ:NFLX) gained 3.6% and Alphabet (NASDAQ:GOOGL) gained 3.9%, with the tech giants benefiting from the likelihood that Democrats won’t gain the Senate. As such, some who sold the names ahead of the election fearing a big increase in capital gains tax may be re-entering positions.

  • Prudential Financial (NYSE:PRU) stock fell 0.4% despite the insurer posting profit growth of 5% in the third quarter even during a low interest-rate environment and fallout from the coronavirus pandemic.

  • Hilton Worldwide (NYSE:HLT) stock rose 1.8% after the hotel chain reported a quarterly profit, beating expectations of a loss as the pandemic caused a slump in customers.

  • Aurora Cannabis (NYSE:ACB) stock fell 1.8% and Canopy Growth (NYSE:CGC) dropped 3.5% as the likelihood of a Democrat Senate recedes, lessening the chances of federal legislation furthering the legal use of pot. Four states including New Jersey and Arizona passed measures legalizing either recreational or medical use of the drug last night, however.

  • Sunrun (NASDAQ:RUN) stock fell 1.1% and Enphase Energy (NASDAQ:ENPH) stock dropped 0.4%, weakening after such solar stocks soared ahead of the election in anticipation of the Democrats rushing through a "Green New Deal"..

  • Wendy’s (NASDAQ:WEN) stock fell 2.3% after the fast-food chain reported third-quarter revenue that missed expectations and failed to provide guidance for the full year.

  • Advanced Micro Devices (NASDAQ:AMD) stock rose 4.6% after Goldman Sachs (NYSE:GS) upgraded its investment stance on the chip maker to “buy” from “neutral”, citing its valuation and strong fundamentals.

 

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