Bed Bath & Beyond, Nio, Spirit Airlines Fall Premarket; Pinterest Rises

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Bed Bath & Beyond, Nio, Spirit Airlines Fall Premarket; Pinterest Rises

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, June 29th. Please refresh for updates.

  • Pinterest (NYSE: PINS ) stock rose 4.7% after long-time Chief Executive Officer Ben Silbermann announced he is stepping down, handing over the reins of the social media platform to Google commerce executive Bill Ready.

  • Tesla (NASDAQ: TSLA ) stock fell 1.1% after the electric car manufacturer decided to shut its office in San Mateo, California, laying off roughly 200 employees in a move seen as accelerating cost-cutting.

  • Nio (NYSE: NIO ) ADRs fell 6.4% after a short-selling report by Grizzly Research accused the Chinese electric-vehicle maker of manipulating its sales data, by using an unconsolidated related party - Wuhan Weineng Battery Asset Management - to exaggerate its revenue and profitability. Nio denied the allegations.

  • Bed Bath & Beyond (NASDAQ: BBBY ) stock slumped over 13% after the domestic merchandise retailer announced that CEO Mark Tritton would be leaving the role while posting a bigger first quarter loss than expected.

  • General Mills (NYSE: GIS ) stock almost 3% after the food retailer beat quarterly expectations even after wrestling with higher costs, and raised its quarterly dividend by 6%.

  • Walt Disney (NYSE: DIS ) stock rose 1.11% after the entertainment giant’s board of directors unanimously voted to extend CEO Bob Chapek's contract for three years, a major vote of confidence in his leadership.

  • Spirit Airlines (NYSE: SAVE ) stock fell 0.5% after the carrier rejected JetBlue's (NASDAQ: JBLU ) sweetened offer, citing antitrust concerns, and asked its shareholders to vote for a merger with Frontier Group (NASDAQ: ULCC ) at a meeting on Thursday. JetBlue stock fell 0.6% and Frontier stock rose 2.4%.

  • Airbnb (NASDAQ: ABNB ) stock fell 1% after the short-term rental platform announced a global ban on parties, confirming the temporary restriction it put in place two years ago.

  • McDonald’s (NYSE: MCD ) stock rose 1.0% after Atlantic Equities upgraded its stance on the burger giant to ‘overweight’ from ‘neutral’, seeing it as a defensive play in which to ride out slowing consumer spending.

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