By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, March 11th. Please refresh for updates.
Rivian Automotive (NASDAQ: RIVN ) stock fell 8.4% after the EV-maker reported a hefty fourth quarter net loss of $2.46 billion, and said its production in 2022 is likely to be half the possible 50,000 units as supply chain issues hamper production.
Meta Platforms (NASDAQ: FB ) stock fell 0.6% and Alphabet (NASDAQ: GOOGL ) stock rose 1.5% after European Union and British antitrust authorities launched investigations into a 2018 advertising deal between Facebook and Google, owned by the U.S. tech giants.
Pearson (NYSE: PSO ) ADRs rose 18% after private equity firm Apollo said it was in the preliminary stages of evaluating a possible cash offer for the publisher.
Oracle (NYSE: ORCL ) stock fell 1% after the software-maker reported disappointing third-quarter earnings, weighed by heavy spending to develop its cloud capabilities and services.
DocuSign (NASDAQ: DOCU ) stock slumped 16% after the e-signature software-maker’s 2023 revenue growth projection came in at less than half of the previous year’s pace.
Ulta Beauty (NASDAQ: ULTA ) stock rose 2.5% after the retailer of fragrances and haircare products beat revenue estimates for the fourth quarter.
DiDi Global (NYSE: DIDI ) ADRs fell 13% following a Bloomberg report that the Chinese ride-hailing firm has suspended the process for a Hong Kong market debut, putting a question mark over its plans to bring the listing closer home.
WeWork (NYSE: WE ) stock rose 0.8% after the workspace provider reported a smaller fourth quarter loss, helped by cost cuts and demand for office space from companies switching to a hybrid model of work.
Deere (NYSE: DE ) stock rose 2.1% after Wells Fargo initiated coverage of the manufacturer of agricultural machinery at ‘overweight’, seeing the company as “best positioned” to invest in automation.
Chevron (NYSE: CVX ) stock fell 2.2% after J.P. Morgan downgraded its stance on the oil major to ‘underweight’ from ‘neutral’, saying it is now the most expensive in the sector, offering little upside.
Amazon (NASDAQ: AMZN ) stock rose 1.3% after Deutsche Bank initiated coverage of the online retail giant with a ‘buy’ rating, saying investors are underappreciating its growth potential.
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