Stocks – Deere, Sprint Surge in Premarket; Virgin Galactic Stalls

By Geoffrey Smith

Investing.com — Stocks in focus in premarket trade on Friday, February 21st. Please refresh for updates.

• Chewy (NYSE:) stock was up 5.4% at a five-week high after RBC reportedly upgraded the pet food group to “outperform” from neutral, reiterating a price target of $38 that is 30% above Thursday’s close.
• 8:52 AM ET: Slack Technologies (NYSE:) stock was up 3.2% at a five-month high after a Business Insider report claimed that Uber (NYSE:) wants to move 38,000 employees onto the system.
• 8:45 AM ET: Vale (NYSE:)ADRs were down 3.7% after the Brazilian iron ore giant swung to a net loss in the fourth quarter on international asset impairments and charges related to a fatal dam accident in Brazil last year.
• The company said it expects to raise iron ore output this year to between 340 million and 355 million tons, from 312 million tons last year.
• 8:39 AM ET: Dropbox (NASDAQ:) stock rose 12.5% to a three-month high after the cloud storage company beat earnings estimates and announced a $600 million share buyback.
• The company also raised its long-term operating margin target.
• • 8:30 AM ET: Deere & Company (NYSE:) stock surged 6.4% after a surprise increase in earnings in the three months to December. EPS of $1.63 were nearly one-third ahead of expectations and up 5.8% from last year.
  • The company also upheld its guidance for the fiscal year.
  • Deere said confidence among U.S. farmers, its core customer base, had improved as a consequence of the U.S.-China trade truce, but was still subdued.
  • Sprint (NYSE:) stock jumped 6.3% to a six-year high after the revision of its merger deal with T-Mobile left Sprint’s free shareholder untouched.
  • While Sprint’s major shareholder Softbank (OTC:) will get a smaller share of the combined company (24% compared to 27% under the original deal), Sprint shareholders other than SoftBank will continue to receive the original exchange ratio.
  • T-Mobile US (NASDAQ:) stock fell 0.6%.
  • Virgin Galactic (NYSE:) stock fell 4.2% to $35.70, in a modest correction after more than doubling in the past two weeks.

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