Investing.com - Stocks in focus in pre-market trade Wednesday:
• General Electric (GE) stock slid 1.47% by 8:22 AM ET (12:22 GMT) after S&P and Dow Jones Indices announced that the conglomerate would be removed from the Dow and replaced by Walgreens (WBA) on June 26. Walgreens stock jumped 3.31%.
• Oracle (ORCL) stock sank 3.93% after forecasting fiscal first quarter earnings per share, excluding extraordinary items, of $0.67-$0.69, missing the consensus estimate for $0.72.
• Starbucks (SBUX) stock slumped 3.5% as the Coffee giant announced that it would close about 150 stores in the U.S. and projected global same store sales to rise 1% in its fiscal third quarter, compared to estimates for 3% growth.
• Boeing (BA) stock rose 1.4% as FedEx ordered 24 medium and large freighters with a list price of $6.6 billion.
• FedEx (FDX) stock dipped 0.4% despite reporting earnings per share of $5.91, compared to the consensus forecast for $5.66. The package delivery firm reported revenue of $17.3 billion, narrowly topping expectations for $17.22 billion. Chief Executive Frederick Smith said that he remained concerned about threats that manage the free flow of goods among countries, in a reference to recent trade tensions. “Trade is a two-way street, and FedEx supports lowering trade barriers for our customers, not raising them,” he said.
• La-Z-Boy (LZB) stock tumbled 6.6% after reporting fiscal fourth quarter revenue of $420 million, below expectations of $427.4 million.
• Winnebago Industries (WGO) stock jumped 11.28% as an 18% rise in quarterly revenues allowed the firm to top consensus on both the top and bottom line.
• Synaptics (SYNA) stock soared 10.46% as the company confirmed it was in talks to be acquired by Dialog Semiconductor (DLGS), although it warned that “there is no assurance that a transaction will result from these discussions.”
• ANSYS (ANSS) stock rose 1.4% after Goldman Sachs upgraded the firm to buy from neutral.
