By Geoffrey Smith
- Stocks in focus in premarket trade on Wednesday, April 1.
- Carnival (NYSE:CCL) stock was down 4.1% as it closes in on a $6 billion capital-raising, split three ways between $ billion in senior debt, $1.75 billion in convertible bonds and 1.25 billion in equity. Carnival stock rose 2.9% on Tuesday during a volatile session.
- Xerox (NYSE:XRX) was down 5.1% after the copier maker abandoned its plans for a hostile takeover of HP, citing difficulties in getting the necessary debt financing together in the current market conditions.
- HP (NYSE:HPQ) stock was down 4.8% for the same reason.
- BP ADRs (NYSE:BP) were up 2.8% after the company said it will cut capital spending by 20% in response to the collapse in oil demand triggered by the Covid-19 pandemic
- BP will cut capex at its U.S. shale operations, which it acquired from BHP Billiton (LON:BHPB), by 50%. It expects their output this year to drop by some 14% or 70,000 barrels a day.
- Northrop Grumman (NYSE:NOC) stock was down 4.6% after the company reportedly filed a mixed-securities shelf offering with the SEC.
- Whiting Petroleum (NYSE:WLL) stock was down 12% after the biggest shale producer in North Dakota filed for Chapter 11 bankruptcy protection.
- Tesla (NASDAQ:TSLA) stock was down 3.2% amid reports of Chinese authorities deferring new rules on minimum quotas for electric vehicle sales.
