Tesla, PacWest and Icahn Enterprises rise premarket; Fox falls

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Investing.com — Stocks in focus in premarket trade on Friday, May 12th. Please refresh for updates.

• Tesla (NASDAQ:) stock rose 2% after CEO Elon Musk tweeted on Thursday that he had “hired a new CEO for X/Twitter,” potentially allowing him more time to concentrate on the EV manufacturer.

• PacWest Bancorp (NASDAQ:) stock rose 2.5%, rebounding after dropping over 22% during the previous session after the regional lender announced that its deposits had shrunk by about 10% in the first week of May.

• Fox (NASDAQ:) stock fell 1.3% after Wells Fargo downgraded its stance on the entertainment giant to ‘equal weight’ from ‘overweight’, on valuation after it earlier this week.

• Barclays (NYSE:) ADRs rose 0.7% after RBC upgraded its stance on the U.K.-based lender to ‘outperform’ from ‘market perform’, calling the current valuation a “good entry point.”

• Northrop Grumman (NYSE:) stock fell 0.4% after Barclays downgraded the aerospace and defense company to ‘equal weight’ from ‘overweight’, saying its margins are likely to fall more than expected.

• Diageo (NYSE:) ADRs fell 2.8% after Jefferies downgraded the spirits company to ‘hold’ from ‘buy’, citing concerns over its U.S. growth prospects.

• Icahn Enterprises (NASDAQ:) stock rose 5.5% after the American financier rebutted a critical report from short-seller Hindenburg Research.