Wayfair surges, Spotify rises in premarket; PayPal falls

  • Investing.com
  • Stock Market News
Wayfair surges, Spotify rises in premarket; PayPal falls
Credit: © Reuters.

By Geoffrey Smith

Investing.com -- Here are some of the stocks in focus in premarket trading on Monday, 23rd January. Please refresh for updates.

  • Wayfair (NYSE: W ) stock rose 12% after getting a double-upgrade from JPMorgan, flipping from underweight to overweight. The stock had already risen 20% to a four-month high on Friday.
  • Salesforce (NYSE: CRM ) stock rose 4.7% after hedge fund Elliott confirmed it has taken a substantial stake in business software company. Elliott managing partner Jesse Cohn said the fund "is looking forward to working constructively" with Marc Benioff and his management team.
  • Spotify (NYSE: SPOT ) stock rose 5.9% after the Swedish-based podcasting company said it will cut its workforce by around 6%, making it the latest in a line of technology companies to cut back after over-hiring during the pandemic.
  • Baker Hughes (NASDAQ: BKR ) stock rose 3.0% after the oilfield services company reported record order inflows in the fourth quarter, setting it up for a year of strong operational cash flow.
  • Abbott Labs (NYSE: ABT ) stock fell 2.5% after a report late on Friday that the Department of Justice is investigating conduct at its infant formula plant in Sturgis, Michigan. The plant was temporarily shut during a period when the market for formula was already badly undersupplied due to a number of factors.
  • Synchrony Financial (NYSE: SYF ) stock rose 2.0% after the former GE Capital reported better-than-expected earnings , with higher interest income and fee income offsetting provisions that were more than double the level of a year ago.
  • PayPal (NASDAQ: PYPL ) stock fell 2% after The Wall Street Journal reported that major U.S. banks are teaming up to provide their own digital wallet, which would compete with PayPal.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or