By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, June 9th. Please refresh for updates.
- Clover Health stock (NASDAQ:CLOV) rose 22%, continuing the stellar 86% gains of the previous session, with the Medicare-backed insurance seller quickly becoming the new favorite of retail traders on social media channels such as Reddit's WallStreetBets.
- Lordstown Motors (NASDAQ:RIDE) fell over 4%, continuing to drop after Tuesday's 16% fall when the company warned its electric vehicle business may fail. It had reported first quarter 2021 net loss of $125 million.
- Campbell Soup (NYSE:CPB) dropped 7.4% after the company reported a near 5% fall in quarterly profit, hurt by rising raw material and supply chain costs.
- Wendy’s (NASDAQ:WEN) rose 5.7%, gaining as part of the meme stock phenomena, and despite Stifel downgrading its investment recommendation on the fast food chain to ‘hold’ from ‘buy’, saying the Reddit-fueled surge has overtaken the fundamental upside for the company.
- Fastly stock (NYSE:FSLY) rose 3.3% after the cloud computing company apologized for Tuesday’s widespread internet outage, saying the incident was caused by a software bug and not anything more sinister.
- GameStop (NYSE:GME) rose 0.8% ahead of the struggling videogame retailer reporting its quarterly results after the bell on Wednesday. It has lost money for the past three years.
- Merck (NYSE:MRK) rose 0.7% after the drugmaker said the U.S. government has agreed to buy about 1.7 million courses of the company's experimental COVID-19 treatment for about $1.2 billion, if it is authorized in the country.
- Colgate-Palmolive (NYSE:CL) rose 1.4% after Credit Suisse upgraded its recommendation on the consumer products company to ‘outperform’ from ‘neutral’, saying the ongoing rotation into reopening stocks has left the stock undervalued.
- Fox stock (NASDAQ:FOXA) rose 1.8% after Wells Fargo upgraded its recommendation on the media giant to ‘overweight’ from ‘equal weight’, saying the company could benefit from the rise in sports gambling.