Morgan Stanley, Spirit Airlines, Snowflake Rise Premarket; Nike Falls

  • Stock Market News
Morgan Stanley, Spirit Airlines, Snowflake Rise Premarket; Nike Falls
Credit: © Reuters.

By Peter Nurse -- Stocks in focus in premarket trade on Tuesday, June 28th. Please refresh for updates.

  • Nike (NYSE: NKE ) stock fell 2.1% after the athletic footwear retailer forecast first quarter revenue below estimates as it expects to discount more and wrestles with pandemic-related disruptions in China, its most profitable market.

  • Morgan Stanley (NYSE: MS ) stock rose 3.2%, Goldman Sachs (NYSE: GS ) stock rose 1.9%, Wells Fargo (NYSE: WFC ) stock rose 1.0%, Bank of America (NYSE: BAC ) stock rose 1.2%, JPMorgan (NYSE: JPM ) stock rose 1.1% and Citigroup (NYSE: C ) stock rose 1.2% after the banks passed the Federal Reserve’s stress tests, prompting some to hike their dividends.

  • JetBlue (NASDAQ: JBLU ) stock rose 0.7% after the budget airline increased its bid for Spirit Airlines (NYSE: SAVE ), up 4.1%, ratcheting up the war with Frontier Group (NASDAQ: ULCC ), up 3.8%, as the race for the ultra-low-cost carrier continues.

  • Occidental Petroleum (NYSE: OXY ) stock rose 4.2% after Berkshire Hathaway (NYSE: BRKa ) increased its stake in the oil company to 16.4%.
  • Twitter (NYSE: TWTR ) stock rose 0.4% after Elon Musk gained access to data that he said was needed to complete his $44 billion acquisition of the social media giant.

  • Ford (NYSE: F ) stock rose 1% after the auto giant warned the U.K. government that overriding a trade agreement with the European Union may threaten further investments in the country.

  • FedEx (NYSE: FDX ) stock rose 1.1% and UPS (NYSE: UPS ) stock rose 0.6% after Credit Suisse (SIX: CSGN ) stated that it's now time to buy the delivery services as the recent share price falls present attractive buying opportunities.

  • Snowflake (NYSE: SNOW ) stock rose 3.3% after Jefferies upgraded its stance on the cloud-based data warehouse company to ‘buy’ from ‘hold’, seeing an “attractive entry point” and potentially 35% upside.

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