By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, August 25th. Please refresh for updates.
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Salesforce (NYSE:CRM) stock rose 2.6%, Amgen (NASDAQ:AMGN) rose 4.1% and Honeywell (NYSE:HON) gained 4%, with these three companies set to become components of the prestigious Dow Jones Industrial Average as a result of Apple’s four-for-one stock split.
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By contrast, Exxon Mobil (NYSE:XOM) stock fell 1.7%, Pfizer (NYSE:PFE) dropped 1.2% and Raytheon Technologies (NYSE:RTX) fell 1.8% as these three are set to drop out of the 30-component Dow as part of the changes. Exxon Mobil has been the oldest continual member of the index, having joined in 1928 as Standard Oil Co.
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Best Buy (NYSE:BBY) stock fell 3.7% despite reporting sales figures for the second quarter amid online demand for electronic goods needed to work from home. The retailer said it expected third-quarter sales to be higher than last year, but growth would likely taper in coming weeks.
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Medtronic (NYSE:MDT) stock rose 2.4% after second quarter results which beat expectations, helped by strong margins, despite a 13% drop in revenues.
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JM Smucker (NYSE:SJM) stock rose 3.3% after strong first-quarter sales, helped by healthy demand for its coffee, frozen sandwiches and fruit spreads. The retailer also raised its forecast for fiscal 2021 adjusted profit.
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Papa John's (NASDAQ:PZZA) stock rose 1.2% after the pizza chain continued its growth streak, reporting preliminary estimated North American same-store sales rose 24.2% in August to date.
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AstraZeneca (NYSE:AZN) ADR rose 0.3% after the U.K. drugmaker said it has begun testing an antibody-based cocktail for the prevention and treatment of Covid-19. Trial data could be given to regulators this year.