Stocks - Walmart, Cisco Rise in Premarket; Tesla, Qualcomm Fall
Stocks in focus in premarket trading on Thursday:
•Walmart (NYSE:WMT) stock jumped 2% by 8:15 AM ET (12:15 GMT) after its first-quarter earnings per share beat estimates due to a 37% increase in online sales, even though overall revenue was below expectations.
• Tesla (NASDAQ:TSLA) stock was down 0.4% after news that its biggest investor, T. Rowe Price, sold most of its shares in the electric vehicle maker during the first quarter. The company also said it plans to update its battery software after recent incidents of car fires.
• JPMorgan (NYSE:JPM) stock rose 0.4 % despite receiving a fine from the European Union, along with four others, for rigging the spot foreign exchange market of 11 currencies.
• Cisco (NASDAQ:CSCO) stock rose 3.3% after its quarterly numbers topped analyst expectations and it issued better-than-expected revenue guidance for the current quarter.
• Micron (NASDAQ:MU) stock slumped 1.6% and Qualcomm (NASDAQ:QCOM) fell 1.7% amid trade concerns after U.S. President Donald Trump signed an executive order that may require them to seek a license to sell chips to Chinese companies such as Huawei and ZTE (HK:0763).
• Pfizer (NYSE:PFE) stock gained 0.7% after it was named a top pick at Credit Suisse (SIX:CSGN), after the research firm met with the drugmaker's management team.
• Sony (NYSE:SNE) stock was up 3% after it said it would buy back 4.8% of its stock, worth some $1.8 billion.