Investing.com -- Stocks in focus in premarket trade on Friday, 20th December. Please refresh for updates.
- Royal Dutch Shell's ADRs (NYSE:RDSa) fell 0.9% after Europe’s oil and gas major warned it may write down up to $2.3 billion in assets in the fourth quarter due to well write-offs, decommissioning costs and other factors.
- 8 AM ET: CarMax (NYSE:KMX) stock fell 5.6% after the used car dealership network reported earnings per share 10% below market consensus at $1.04.
- That was despite a modest beat on revenue in the three months through November, which came in at $4.79 billion, rather than the $4.65 billion expected.
- CEO Bill Nash put the drop in earnings down “a significantly higher stock-based compensation expense reflecting an increasing share price during the quarter and a planned increase in third quarter advertising expense related to the company’s omni-channel rollout and the launch of a new national advertising campaign.”
8:10 AM ET: Alphabet's (NASDAQ:GOOG) stock was set to be at the center of another twist in U.S.-EU trade relations after France handed down another 150 million euro ($166 million) fine to the company, saying Google (NASDAQ:GOOGL) abused its dominant position in the market for online ads.
The company, which suspended the accounts of some advertisers after saying they posted misleading ads, said it will appeal.
Europe’s treatment of U.S. digital giants has become an increasingly sensitive topic in U.S.-EU trade relations, with President Trump having threatened sanctions in response to a new tax levied by France on digital services, which chiefly hits U.S. companies.
- 8:20 AM ET: Spirit Aerosystems (NYSE:SPR) stock fell 2.5% to a four-month low after the company said it would stop production of bodies for the Boeing (NYSE:BA) 737 MAX in January. The move follows Boeing’s decision to halt assembly of the planes at the start of the new year, given its failure to secure regulatory approval for the resumption of flights.
- 8:26 AM ET: BlackBerry (NYSE:BB) stock rose 7.8% to a three-month high after the company posted quarterly results suggesting that a turnaround under CEO John Chen is slowly taking hold.
- "BlackBerry achieved sequential growth in revenue across all of our software businesses while generating healthy non-GAAP profitability and free cash flow as we continue to invest in our future," Chen said.
8:56 AM ET: The Michaels Companies (NASDAQ:MIK) stock fell 4.5% after Morgan Stanley (NYSE:MS) downgraded the arts and crafts retailer to 'underweight'.