Stocks – Tesla Soars in Premarket on Upgrade; Groupon Tumbles

By Geoffrey Smith

Stocks in focus in premarket trade on Wednesday, February 19th. Please refresh for updates.

8:54 AM ET: Analog Devices (NASDAQ:) stock rose 5.2%, zeroing in on an all-time high, after the company raised its dividend by 15% on the back of a better-than-expected final quarter in 2019.

• 8:48 AM ET: Tesla (NASDAQ:) stock was up 6.7% at $858.40, nearing its previous record high, after Piper Sandler increased its target price to $928 a share. That makes it the only Wall Street house to have any upside in its target price.
• The company said it expects Tesla (NASDAQ:) to make a big success out of energy generation and storage, alongside its electric vehicle business.
• Alphabet (NASDAQ:) stock was up 0.1% after the company said it would abandon Makani, the power-generating kites business that was one of its ‘moonshot’ projects. Alphabet’s non-core ventures lost $4.8 billion last year, an increasingly expensive distraction from its main search and advertising businesses.
• Devon Energy (NYSE:) stock rose 1.6% after raising its production guidance for 2020 and trimming $50 million off the top end of its guidance range for capital spending this year.
• Diamondback Energy (NASDAQ:) stock rose 3.3% after the oil and gas producer reported better-than-expected earnings for the fourth quarter and upheld its guidance for the coming year, despite the weak start to 2020 for crude prices.
• Groupon (NASDAQ:) stock fell 28.2% to a new all-time low after it said it plans to stop selling merchandise by the end of the year.
• Bed Bath & Beyond (NASDAQ:) stock rose 6.9% after CEO Mark Tritton promised to “de-clutter” the company’s stores. The stock is still well below its level before last week’s earnings report, however.

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