By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, October 8th. Please refresh for updates.
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IBM (NYSE:IBM) stock soared 12% after the technology company said it would spin off the managed infrastructure services unit of its Global Technology Services division into a new public company.
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Eaton Vance (NYSE:EV) stock rose 45% after Morgan Stanley (NYSE:MS), down 1.9%, said it was buying the fund manager for $7 billion, with the deal expected to close in the second quarter of 2021.
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Regeneron (NASDAQ:REGN) stock rose 4.8% after the company sought FDA emergency clearance for its Covid-19 drug, the same therapy that President Trump called a ‘cure’ after using it to treat his infection.
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Eli Lilly (NYSE:LLY) stock rose 2.2% after the company filed for emergency use authorization for its experimental antibody-based treatment for people with recently diagnosed, mild-to-moderate Covid-19.
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McDonald’s (NYSE:MCD) stock rose 1.6% after the fast-food giant reported U.S. same-store sales climbing 4.6% in the quarter, while raising its quarterly dividend.
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AMC Entertainment (NYSE:AMC) stock rose 2.9% after the movie theater chain said it would have 520 of its 600 venues open by mid-October.
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Tesla (NASDAQ:TSLA) stock rose 2.7% after Chief Executive Elon Musk said on Wednesday the company will produce Model Y with a new structural battery design and technology at its Berlin factory next year. He also highlighted this could result in a "significant production risk".
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Chevron (NYSE:CVX) stock climbed 0.5% after the oil major closed Wednesday with a higher market cap than rival Exxon Mobil (NYSE:XOM), the first time Exxon has been overtaken as America's largest oil company since it began as Standard Oil more than a century ago.
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Facebook (NASDAQ:FB) stock rose 0.8% after saying Wednesday that it has banned militarized calls for people to watch polling sites, trying to play down worries around its platform and the U.S. election.
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Dick’s Sporting Goods (NYSE:DKS) stock rose 0.1% after saying Thursday it will hire up to 9,000 workers to cover the key holiday season in its stores, 1,000 more than last year, expecting a jump in online orders.
- Citigroup (NYSE:C) stock rose 0.2% despite the banking giant being ordered to pay a $400 million fine over deficiencies tied to its risk management and internal controls.