By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trade on Wednesday.
- Moderna (NASDAQ:MRNA) stock fell another 8.2% after plummeting 16% on Tuesday, in response to a filing showing that company insiders had sold stock immediately after the company pushed out more than $1.3 billion in new shares to investors last week.
- Tesla (NASDAQ:TSLA) stock fell 0.7% after the company cut its prices in North America by some 6% in response to the slump in U.S. car sales.
- The company also saw its stock’s price target raised to $800 by brokerage Wedbush – but that’s still below the current price.
- Carnival (NYSE:CCL) (NYSE:CUK) and Norwegian Cruise Lines stock rose 10.8% and 11.1% respectively amid hopes for a recovery in demand for cruise holidays.
- Both companies have recently completed capital raisings that alleviated their short-term cash flow problems
- Ralph Lauren (NYSE:RL) stock rose 0.3% despite reporting a wider-than-expected loss for the three months through April as a result of pandemic-driven lockdowns.
- Revenue held up fractionally better than expectations but still fell over 15%.
- Twitter (NYSE:TWTR) stock fell 2.2% after finding itself in President Donald Trump’s crosshairs. The social media company had flagged comments of Trump’s about the susceptibility of mail-in ballots to voter fraud as unreliable.
- Facebook (NASDAQ:FB) stock also fell 1.3% in the wake of a tirade that was widened to include all social media.
- Walt Disney (NYSE:DIS) stock rose 2.4% as it prepared to present a plan for a phased reopening of its theme parks in Orlando, Florida later in the day.
- The stock is now at its highest since late February.
- Regeneron Pharmaceuticals (NASDAQ:REGN) stock fell 1.3% after French shareholder Sanofi (PA:SASY) (NASDAQ:SNY) said it would sell down its stake by as much as $11 billion.