Stocks - Macy’s, Alibaba Gain in Premarket, Uber, Tesla Pressured Lower

Stocks - Macy’s, Alibaba Gain in Premarket, Uber, Tesla Pressured Lower

Stocks - Macy’s, Alibaba Gain in Premarket, Uber, Tesla Pressured Lower
Stock Market
Wednesday, May 15, 2019 - 12:20

Investing.com - Stocks in focus in premarket trade Wednesday:

• Macy’s (NYSE:M) shares popped up 7% by 08:20 AM ET (12:20 GMT) after it reported first-quarter earnings that handily beat analysts’ expectations. The retailer said same-store sales beat expectations and reaffirmed its previous profit outlook for the full year.

Alibaba 's (NYSE:BABA) ADRs rose after the company reported that first-quarter revenue beat estimates, boosted by growth in its core e-commerce and cloud computing businesses.

• Tilray (NASDAQ:TLRY) stock rose around 4% after the cannabis company reported first-quarter revenue that beat expectations. Revenue for the company jumped nearly 200% from the year-ago period to $23 million, ahead of expectations of $20.5 million.

• Shares of ride-hailing company Uber Technologies (NYSE:UBER) were down 1% in premarket trade, while peer Lyft (NASDAQ:LYFT) was little changed. Uber had a reprieve on Tuesday after sharp declines since its IPO on Friday, in which the stock has fallen around 16%, while Lyft is trading down around 30% from its offering price.

• Tesla (NASDAQ:TSLA) shares were down 0.9%, hovering close to their 2019 low of $224.47 reached on Monday amid fears over its potential exposure to the escalating trade war between the U.S. and China. While China's retaliatory tariffs still do not include Tesla's vehicles, the ratcheting-up of the trade war means they could become more expensive in the coming months.

Container Store Group (NYSE:TCS) shares jumped 11% after the retailer reported fourth-quarter earnings of 33 cents per share late Tuesday and said same-store sales increased by 8.5%.

© Reuters.
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