By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trade on Wednesday, May 13th. Please refresh for updates.
- Uber (NYSE:UBER) stock was up 0.6% while Grubhub stock was roughly flat after a rise of nearly 30% on Tuesday after reports that Uber wants to acquire its smaller rival in the food delivery segment through an all-stock deal. CNBC reported that Grubhub had knocked back an offer of 2.15 Uber shares for each Grubhub share.
- Uber separately filed to raise $750 million in five-year debt on Wednesday.
- Walt Disney (NYSE:DIS) stock was up 0.2% after it filed to raise up to $11 billion in long-term debt, with maturities spread between 2026 and 2060.
- Occidental Petroleum (NYSE:OXY) stock was up 0.8% after a report saying that the company is offering voluntary buyout packages to employees as it downsizes in response to collapsing oil prices.
- Mylan (NASDAQ:MYL) stock was up 1.1% but off earlier highs after the company announced it was one of a handful of partners chosen to manufacture Gilead’s remdesivir drug to enable mass distribution across the world in case it proves effective as a treatment for the Covid-19 virus. Gilead Sciences (NASDAQ:GILD) stock was up 1.5%.
- JC Penney (NYSE:JCP) stock surged 26% after a report that it is in talks to secure $450 million in debtor-in-possession financing ahead of a possible chapter 11 filing on Friday.
- Sony (NYSE:SNE) ADRs were down 1.8% after the company reported a 57% drop in operating profit for the quarter and said it expects operating profit to fall at least 30% this year.
- The quarterly results were rescued partly by strong demand for its gaming services and surprisingly robust demand for the components that it makes for smartphones.
- Tesla (NASDAQ:TSLA) stock rose 1.3% after Alameda County said that the company could make preparations to re-open its Fremont production facility as early as next week.