By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trading on Monday, 18th October. Please refresh for updates.
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Albertsons (NYSE:ACI) stock rose 4.3% after the grocery chain raised its earnings guidance for the year by more than 10% on the back of a stronger-than-expected third quarter. The company also raised its quarterly dividend by 20%.
- Amazon (NASDAQ:AMZN) stock fell 0.4%, in line with the broader market, after The Wall Street Journal reported that members of a Congressional panel had asked the company to ensure its managers - including former CEO Jeff Bezos - hadn't misled it in earlier testimony. The concerns revolve around suspicions that Amazon abuses its dominance in the online shopping market to undermine competition by copying emerging competitors.
- State Street (NYSE:STT) stock rose 1.4% after the bank reported a slightly better-than-expected quarter, in which earnings rose by 29% from a year earlier.
- Kering (PA:PRTP) ADRs fell 1.5% as the Gucci owner was hit by fears that slower spending in China would hit luxury companies disproportionately hard. Burberry (OTC:BURBY) ADRs fell 6.3% and Ralph Lauren (NYSE:RL) stock fell 1.4% on similar concerns.
- Philips (NYSE:PHG) ADRs fell 3.1% after the company warned that shipping problems and chip shortages will hit earnings in the current quarter, while also revealing a bigger-than-expected hit from a product recall earlier in the year.
- Walt Disney (NYSE:DIS) stock fell 2% after analysts at Barclays (LON:BARC) downgraded to 'equal weight' from 'overweight', citing a slowdown in growth at the company's Disney+ streaming unit. Analyst Kannan Venkateshwar cut his target price to $175 from $210 previously. Rival Netflix (NASDAQ:NFLX)'s stock rose 0.7% after reports suggesting that the company reckons its "Squid Game" series could be worth $900 million to it.
- Valneva (NASDAQ:VALN) ADRs rose 33% after the French-based company said trial data showed its experimental drug for treating Covid-19 was more effective than AstraZeneca (NASDAQ:AZN)'s vaccine.
- Intercontinental Exchange (NYSE:ICE) stock rose 1.2% to a new all-time high after private equity group Silver Lake agreed to buy its stake in clearing house Euroclear for $820 million.