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Investing.com — Stocks in focus in premarket trade on Wednesday, May 17th. Please refresh for updates.
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Target (NYSE:) stock fell 0.9% after the retail giant forecast a gloomy second quarter even as it maintained its 2023 annual profit expectation after beating results, benefiting from steady demand for beauty products and household essentials.
- TJX Companies (NYSE:) stock was down 0.6% after the parent of TJ Maxx missed numbers even as it raised its annual profit forecast, banking on lower costs and resilient demand from inflation-hit consumers.
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Western Alliance (NYSE:) stock rose 10% after the regional lender announced after the close Tuesday that deposits growth exceeded $2 billion as of May 12, easing concerns that the U.S. banking crisis was getting worse.
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Tesla (NASDAQ:) stock rose 1.6% in the wake of the EV manufacturer’s annual shareholder meeting, at which CEO Elon Musk reaffirmed that deliveries of its long-delayed Cybertruck pickup would start this year and hinted at advertising its vehicles given the difficult macro environment.
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UBS (NYSE:) stock rose 0.1% after the Swiss banking giant said it could stand to lose around $17B from its planned merger with smaller rival Credit Suisse (NYSE:), but noted that the tie-up will provide other benefits.
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Tencent (OTC:) ADRs rose 0.7% after the Chinese tech giant reported a return to revenue growth in the as it recovered from COVID-19-related disruptions and a regulatory freeze on gaming licenses a year earlier.
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Fisker (NYSE:) stock rose 0.8% after chief executive Henrik Fisker said the electric car maker is exploring collaboration with other companies to scale up market share faster.
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Wynn Resorts (NASDAQ:) stock rose 2.9% after Barclays upgraded its stance on the casino company to ‘overweight’ from ‘equal-weight’, saying it should benefit greatly from the reopening of the Macao market.
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EVgo (NASDAQ:) stock slumped 8.6% after the EV charging station network announced a $125 million class A common stock public offering.
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Doximity (NYSE:) stock fell 9.2% after the online networking service for medical professionals offered up an outlook for the upcoming quarter that fell short of expectations.
