By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, May 9th. Please refresh for updates.
Rivian Automotive (NASDAQ: RIVN ) stock fell 17% after CNBC reported that Ford (NYSE: F ) is selling 8 million shares of the electric vehicle manufacturer as the insider lockup period ends, while J.P. Morgan (NYSE: JPM ) is set to sell between 12 million and 13 million shares on behalf of another unnamed shareholder.
Palantir Technologies (NYSE: PLTR ) stock slumped 15% after the data analytics firm issued a disappointing second quarter revenue forecast, indicating slowing sales growth as it ramps up its sales force to sign more deals amid rising competition.
BioNTech (NASDAQ: BNTX ) stock rose 1.6% after the drugmaker said its first quarter sales and earnings more than tripled, thanks to demand for the COVID-19 vaccine it developed with Pfizer (NYSE: PFE ).
- Tyson Foods (NYSE: TSN ) stock rose 3.3% after the company raised its full-year sales outlook after beating quarterly revenue estimates, benefiting from rising prices for its beef and chicken.
Uber (NYSE: UBER ) stock fell 2.8% after CNBC reported the ride-hailing company is set to scale back hiring and reduce expenditure on its marketing and incentive activities, citing a letter from Chief Executive Officer Dara Khosrowshahi.
Coty (NYSE: COTY ) stock rose 3.3% after the cosmetics maker raised its full-year profit outlook on resilient demand for its fragrances and skincare products.
Air Lease (NYSE: AL ) stock fell 1.1% after the aircraft leasing company’s executive chairman said it’s pursuing "vigorous" insurance claims over jets stranded in Russia, following changes in the law preventing their repossession.
Dish Network (NASDAQ: DISH ) stock fell 3.7%, continuing Friday’s 19% drop after its quarterly report . Credit Suisse upgraded its investment stance to ‘outperform’ from ‘neutral’, saying the beaten-down stock can double from here.
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