By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, July 12th. Please refresh for updates.
Gap (NYSE: GPS ) stock fell 6.2% after the clothes retailer said Chief Executive Sonia Syngal will step down just over two years into the role, as it wrestles with weak demand for its casual attire and margins remaining under pressure in the second quarter as costs spiral.
PepsiCo (NASDAQ: PEP ) stock rose 1.2% after the soft drinks giant raised its full-year revenue forecast, helped by the sustained demand for sodas and snacks even in the face of rising prices.
Peloton (NASDAQ: PTON ) stock rose 5.9% after the exercise equipment manufacturer announced plans to outsource all of its manufacturing in a bid to turn the money-losing business around.
Twitter (NYSE: TWTR ) stock fell 0.5% with the social media platform in the spotlight after it stated that Elon Musk's move to back out of his $44 billion deal to take it private was “invalid and wrongful”, setting the stage for a potentially expensive legal battle.
American Express (NYSE: AXP ) stock fell 2.7% and Capital One (NYSE: COF ) stock fell 1.8% after Morgan Stanley downgraded its stance on both credit card giants to ‘equal weight’ from ‘overweight’, expecting slowing consumer spending as inflation takes a larger share of household disposable income.
- Canoo (NASDAQ: GOEV ) stock soared over 70% after the electric vehicle maker announced a deal to sell 4,500 delivery vehicles to Walmart (NYSE: WMT ) for an undisclosed amount.
- Dave & Buster’s Entertainment (NASDAQ: PLAY ) stock rose 1.7% after the restaurant chain announced a new executive leadership team.
- American Airlines (NASDAQ: AAL ) stock fell 0.2% despite the carrier saying it expects second-quarter revenue to rise by about 12% from pre-pandemic 2019.
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