By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, August 13th. Please refresh for updates.
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Cisco (NASDAQ:CSCO) stock fell 6.9% after the network equipment maker posted its first annual revenue decline in three years and laid out a restructuring plan to take into account the hit it has taken from the coronavirus crisis.
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Lyft (NASDAQ:LYFT) stock fell 2% after it reported a dramatic drop in riders and revenue in the second quarter as the pandemic brought ride-sharing activity to a halt. Additionally, a judge in California ruled that Lyft and Uber (NYSE:UBER), down 0.8%, must classify their drivers as employees rather than contractors. The two companies have said they may have to shut down operations in that state if that remains the case.
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Vroom (NASDAQ:VRM) stock fell 16% after the online car seller reported a bigger-than-expected quarterly loss in its first set of results since its market debut in June.
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Aspen Technology (NASDAQ:AZPN) stock rose 27% after the software maker reported stronger than expected fiscal fourth quarter earnings, rebounding after sharp near-20% losses year to date.
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FAT Brands (NASDAQ:FAT) stock rose 165% after the Wall Street Journal reported that the company was buying burger chain Johnny Rockets, expanding its stable of restaurant brands.
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3M (NYSE:MMM) stock rose 1.1% after the maker of personal safety products, among other things, saw a "broad-based improvement" in sales trends in July.
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Micron Technology (NASDAQ:MU) stock fell 1.9% after Deutsche Bank downgraded its investment stance to “hold” from “buy”, cutting its price target to $48 from $60. The bank cited worries about Micron’s supply chain.
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Southwest Airlines (NYSE:LUV) stock fell 1.5% after Chief Executive Gary Kelly said he did not expect the airline will be profitable in 2020, ending a 47-year streak of posting consecutive full-year profits.
- Tapestry (NYSE:TPR) stock rose 5.1% after the parent of a number of retail brands posted a smaller-than-expected loss and better-than-expected sales for its fiscal fourth quarter.