By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, November 16th. Please refresh for updates.
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Walmart (NYSE:WMT) stock rose 0.7% after the retail giant raised its annual sales and profit forecasts, expecting strong demand during the crucial holiday season.
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Tesla (NASDAQ:TSLA) stock fell 1.1% after CEO Elon Musk sold more shares of the electric vehicle maker a day earlier, while JPMorgan Chase brought a $162-million lawsuit against the company alleging breach of contract over stock warrants that came due this year.
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Home Depot (NYSE:HD) stock rose 0.8% after the retailer easily beat quarterly sales estimates, buoyed by a strong housing market that kept home improvement spending strong.
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Pfizer (NYSE:PFE) stock fell 0.9% after the drugmaker said it will allow generic manufacturers to supply its experimental antiviral Covid-19 pill to 95 low- and middle-income countries.
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Microsoft (NASDAQ:MSFT) stock rose 0.2% after Credit Suisse initiated coverage of the software giant at ‘outperform’, seeing significant growth ahead and another 19% stock price gain.
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Southwest Airlines (NYSE:LUV) stock fell 0.9% after Goldman Sachs downgraded its stance to ‘neutral’ from ‘buy’, citing last month’s operational problems. The influential investment bank also upgraded Allegiant Travel (NASDAQ:ALGT), up 3.1%, to ‘buy’ from ‘neutral’, after it posted higher passenger traffic in October.
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AbbVie (NYSE:ABBV) stock fell 0.2% after a report mentioned the biopharmaceutical company’s Humira rheumatoid arthritis drug as the most extreme case of drugmakers hiking prices without justification in 2020.
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Quantumscape (NYSE:QS) stock fell 5.6% after Morgan Stanley downgraded its stance on the lithium battery maker to ‘equal weight’ from ‘overweight’, citing potential competition.
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Lucid Group (NASDAQ:LCID) stock rose 5.1% after the electric vehicle manufacturer reported more than 17,000 reservations for its Lucid Air car, up from 13,000 in the prior quarter.
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Royalty Pharma (NASDAQ:RPRX) stock rose 7.9% on the back of news that Berkshire Hathaway has taken a new $475 million stake in the drug royalty purchaser.
- Peloton (NASDAQ:PTON) stock fell 1% after the fitness equipment maker announced plans to sell an additional $1 billion of its shares, trying to come up with cash amid slowing momentum for its product.
- DraftKings (NASDAQ:DKNG) stock rose 0.9% after the gambling company's chairman bought 435,000 shares, suggesting confidence in its future.