FedEx, Winnebago fall premarket; Tesla, Spotify rise

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

• FedEx (NYSE:) stock fell 2.2% after the issued a profit warning, saying ongoing “demand challenges” prompted its plans to ground 29 more aircraft in the fiscal year that started on June 1.

• Winnebago Industries (NYSE:) stock fell 4.9% after the recreational vehicle manufacturer reported a big revenue miss in its following a drop in volumes and higher discounts.

• Tesla (NASDAQ:) stock rose 1.2% after CEO Elon Musk stated the EV manufacturer is likely to make a significant investment in India after meeting with Narendra Modi during the Indian Prime Minister’s U.S. visit.

• Spotify (NYSE:) stock rose 2% after Wolfe Research upgraded its stance on the audio streaming service to ‘outperform’ from ‘peer perform’, saying it can rally more than 20% citing ad revenue growth.

• Li Auto (NASDAQ:) stock rose 4%, Nio (NYSE:) rose 2.5%, and Xpeng (NYSE:) added 2.7% after China unveiled substantial tax breaks to boost sales of EVs and other green cars over the next four years.

• Coinbase (NASDAQ:) stock rose 3.2% with the cryptocurrency exchange benefiting after , the most widely used digital currency, hit its highest level in six weeks.

• UBS (NYSE:) stock rose 0.8% after Reuters reported that the Swiss banking giant will start cutting Asia investment banking jobs at Credit Suisse next month, moving towards integrating businesses.

• Adobe (NASDAQ:) stock rose 1.5% after BMO Capital upgraded the enterprise software maker to ‘outperform’ from ‘market perform’, saying demand for artificial intelligence should boost spending.