By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trade on Friday, February 21st. Please refresh for updates.
9 AM ET: CubeSmart (NYSE:) stock fell 4.3% to a new low for 2020 after issuing guidance below market estimates for the year in the face of what CEO Tim Martin said was “continued headwinds from new supply coupled with pressure from increased real estate taxes and customer acquisition costs."
CubeSmart is the second storage company to offer weak guidance this week after Extra Space Storage (NYSE:).
Chewy (NYSE:) stock was up 5.4% at a five-week high after RBC reportedly upgraded the pet food group to “outperform” from neutral, reiterating a price target of $38 that is 30% above Thursday’s close.
8:52 AM ET: Slack Technologies (NYSE:) stock was up 3.2% at a five-month high after a Business Insider report claimed that Uber (NYSE:) wants to move 38,000 employees onto the system.
8:45 AM ET: Vale (NYSE:)ADRs were down 3.7% after the Brazilian iron ore giant swung to a net loss in the fourth quarter on international asset impairments and charges related to a fatal dam accident in Brazil last year.
The company said it expects to raise iron ore output this year to between 340 million and 355 million tons, from 312 million tons last year.
8:39 AM ET: Dropbox (NASDAQ:) stock rose 12.5% to a three-month high after the cloud storage company beat earnings estimates and announced a $600 million share buyback.
The company also raised its long-term operating margin target.
- 8:30 AM ET: Deere & Company (NYSE:) stock surged 6.4% after a surprise increase in earnings in the three months to December. EPS of $1.63 were nearly one-third ahead of expectations and up 5.8% from last year.
- The company also upheld its guidance for the fiscal year.
- Deere said confidence among U.S. farmers, its core customer base, had improved as a consequence of the U.S.-China trade truce, but was still subdued.
- Sprint (NYSE:) stock jumped 6.3% to a six-year high after the revision of its merger deal with T-Mobile left Sprint’s free shareholder untouched.
- While Sprint’s major shareholder Softbank (OTC:) will get a smaller share of the combined company (24% compared to 27% under the original deal), Sprint shareholders other than SoftBank will continue to receive the original exchange ratio.
- T-Mobile US (NASDAQ:) stock fell 0.6%.
- Virgin Galactic (NYSE:) stock fell 4.2% to $35.70, in a modest correction after more than doubling in the past two weeks.
