By Peter Nurse
- Stocks in focus in premarket trade on Friday, June 26th. Please refresh for updates.
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Nike (NYSE:NKE) stock dropped 3.6% after the sportswear maker reported an unexpected quarterly net loss, its first in two years, prompted by a sales decline of 38% year-over-year. Digital sales soared 75%, jumping to 30% of total revenue, as shoppers were channeled to Nike’s website during the coronavirus-inspired lockdown.
- Gap (NYSE:GPS) stock soars over 11% after the retailer teamed up with rapper and fashion designer Kanye West to create the Yeezy line of clothing, aimed at a younger clientele. West has already agreed a partnership with German sportswear company Adidas (OTC:ADDYY) to sell his branded footwear.
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Ford (NYSE:F) stock gained 1.2% after revealing late Thursday the all-new F150 truck, its first redesign in six years.
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Wells Fargo (NYSE:WFC) stock dropped 3.6%, 'leading; a sectoral selloff after the Federal Reserve said Thursday it would impose a cap on dividend payments as well as halting share repurchases for the next three months.
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Amazon (NASDAQ:AMZN) stock gained 0.9% after agreeing to pay over $1 billion to buy self-driving startup Zoox, expanding the e-commerce giant's reach in autonomous-vehicle technology.
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Facebook (NASDAQ:FB) stock fell 0.8% after Verizon (NYSE:VZ) joined a list of companies intending to boycott its social media networks in protest at its hands-off approach to hate speech and disinformation.
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Virgin Galactic (NYSE:SPCE) stock rose 4.5% after the company successfully completed its second glide flight test in New Mexico on Thursday, moving one step nearer towards starting commercial operations.
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Synnex (NYSE:SNX) stock rose 8.2% despite reporting that profit fell by half for its fiscal second quarter as the U.S. economy came to a halt. That said, this was better than expected and continues a good run for the company as it has surpassed consensus EPS estimates for its last four quarters.
- NetApp (NASDAQ:NTAP) stock rose 4% after Bank of America (NYSE:BAC) upgraded its investment stance on the cloud data services and data management company to buy from neutral.
