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Lordstown Motors has filed for Chapter 11 bankruptcy protection and said it was putting itself up for sale.
Courtesy Lordstown
Stock futures traded higher Tuesday as investors looked to economic data coming this week that will close out the second quarter and first six months of 2023. The
Dow Jones Industrial Average
closed lower Monday for the sixth consecutive session but remains higher for June.
These stocks were poised to make moves Tuesday:
Lordstown Motors
,
the electric-truck maker, has filed for Chapter 11 bankruptcy protection and said it was putting itself up for sale.
Lordstown
also said it filed litigation against
Foxconn
,
the Taiwan-based contract-manufacturing company, after a deal for Foxconn to provide the start-up with about $170 million in cash fell through. “Foxconn’s actions led to material damage to the company as well as its future prospects,” Lordstown said in a statement. The stock declined 50% in premarket trading to $1.37.
Tesla
(TSLA) was rising 1.5% in premarket trading after shares of the electric-vehicle giant fell more than 6% on Monday following another downgrade of the stock from Wall Street.
Eli Lilly
(LLY) was up 0.7% in premarket trading. The company’s experimental drug retatrutide in a mid-stage trial helped patients with obesity lose up to 24.2% of their body weight after 48 weeks. The study’s results, released on Monday, were published in the New England Journal of Medicine.
Alphabet
(GOOGL) declined 0.9% to $117.30 after shares of the parent company of Google were downgraded to Market Perform from Outperform at Bernstein. The stock price was left unchanged at $125. UBS downgraded the stock on Monday to to Neutral from Buy, but raised the target price to $132 from $123.
Carnival
(CCL) was rebounding slightly, rising 0.6% in premarket trading, after shares of the cruise company fell 7.6% on Monday and was the leading decliner on the
S&P 500.
The declines came even as Carnival reported a narrower-than-expected fiscal second-quarter loss amid what it called “continued acceleration of demand.”
Robinhood
(HOOD) will be cutting about 7% of its full-time staff, the online brokerage’s third round of layoffs in just over a year, The Wall Street Journal reported. About 150 employees at
Robinhood
are being laid off in the latest round, according to an internal company message seen by Journal. The layoffs were made to “adjust to volumes and to better align team structures,” Chief Financial Officer Jason Warnick said in the message, the Journal reported. The stock rose slightly in premarket trading.
Earnings reports are expected Tuesday from
Walgreens Boots Alliance
(WBA),
Korn Ferry
(KFY),
Schnitzer Steel
(SCHL),
AeroVironment
(AVAV) and
Jefferies Financial
(JEF).
Write to Joe Woelfel at [email protected]
Source: https://www.barrons.com/articles/stock-market-movers-b2de4e02?siteid=yhoof2&yptr=yahoo