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Twitter, GameStop and Upstart Fall Premarket; Spirit, Levi Strauss Rise

Published 2022/07/08, 14:10
© Reuters

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Friday, July 8th. Please refresh for updates.

  • Twitter (NYSE:TWTR) stock fell 4.1% after the Washington Post reported that Elon Musk is closer to pulling his $44 billion offer for the social media giant, on the grounds that his team couldn’t verify the data sent by Twitter regarding spam and fake accounts.

  • GameStop (NYSE:GME) stock fell 5.2% after the troubled video-game retailer fired CFO Michael Recupero and laid off an undisclosed number of employees as part of a recovery plan.

  • Levi Strauss (NYSE:LEVI) stock rose 4.6% after the jeans retailer reported strong quarterly results, reaffirmed its full-year guidance, and raised its quarterly dividend by 20% as its comfortable clothing remained in demand.

  • Spirit Airlines (NYSE:SAVE) stock rose 2.1% after the low-cost carrier postponed a shareholder vote scheduled for later Friday on its $2.4 billion sale to Frontier Group (NASDAQ:ULCC), down 1.8%, so its board can continue discussions with both Frontier and JetBlue Airways (NASDAQ:JBLU), up 1.1%.

  • Tesla (NASDAQ:TSLA) stock fell 0.3% despite the electric car manufacturer selling just short of 79,000 China-made vehicles in June, its highest monthly sales since opening its Shanghai plant in 2019.

  • Upstart (NASDAQ:UPST) stock slumped 16% after the artificial intelligence lending platform disclosed that it would miss already downgraded guidance, and now expects a second-quarter net loss in the range of $27million to$31 million.

  • WD-40 (NASDAQ:WDFC) stock fell 9% after the lubricant maker reported disappointing third-quarter results and lowered its full-year guidance, citing a challenging inflationary environment.

  • XPO Logistics (NYSE:XPO) stock rose 4.8% after Morgan Stanley upgraded its stance on the freight company to ‘overweight’ from ‘equal weight’, saying it is now “too cheap to ignore”.

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