Tesla, Spirit Airways, Kellogg, and Lennar Rise Premarket

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Tesla, Spirit Airways, Kellogg, and Lennar Rise Premarket
Credit: © Reuters.

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Tuesday, June 21st. Please refresh for updates.

  • Tesla (NASDAQ: TSLA ) stock rose 2.9% after CEO Elon Musk said that an economic slowdown is likely to result in a 10% cut in the number of salaried employees at the electric car manufacturer, or around 3% of its total workforce while playing down fears of rising competition.

  • Spirit Airlines (NYSE: SAVE ) stock rose 8.8% after JetBlue (NASDAQ: JBLU ), up 1.9%, lifted its takeover offer for the low-cost carrier in a bid to convince the ultra-low-cost carrier to accept its offer over rival Frontier Airlines' proposal.

  • Kellogg (NYSE: K ) stock rose 8.1% after the food processing firm announced plans to split into three independent companies, by spinning off its United States and Canadian divisions as well as its Caribbean cereal and plant-based businesses.

  • Lennar (NYSE: LEN ) stock rose 3.4% after the homebuilder beat quarterly expectations , helped by rapidly appreciating house prices.
  • Exxon Mobil (NYSE: XOM ) stock rose 2.4% after Credit Suisse (SIX: CSGN ) upgraded its stance on the oil major to ‘outperform’ from ‘neutral’, saying it can jump another 45% from the current levels.

  • Charles Schwab (NYSE: SCHW ) stock rose 3.2% after UBS upgraded its stance on the brokerage to ‘buy’ from ‘neutral’, saying it is “well insulated” from market risk and should rebound from here.

  • Palantir Technologies (NYSE: PLTR ) stock rose 4.4% after Bank of America initiated coverage on the data analytics company with a ‘buy’ rating, saying investors are underestimating the demand growth for artificial intelligence.

  • Church & Dwight (NYSE: CHD ) stock rose 2.4% after Wells Fargo upgraded its stance on the household products manufacturer to ‘overweight’ from ‘equal weight’, saying the defensive staples stock has upside.

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