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Amazon shares historically perform better following the end of Prime Day events.
Dreamstime
Stock futures traded mixed Tuesday after equities snapped a three-session decline.
These stocks were poised to make moves Tuesday:
Amazon.com
(AMZN) was up 0.5% in premarket trading as the online retailer kicked off Prime Day, its shopping extravaganza, at 3 a.m. Eastern time.
Amazon
stock historically performs better following the end of Prime Day events, according to Dow Jones Market Data. Last year, members purchased more than 300 million items worldwide during the sales event, a record for Amazon.
Microsoft
(MSFT) was up slightly in premarket trading after it was revealed the company would be laying off more workers in addition to the 10,000 jobs the software giant said earlier this year it was eliminating.
Uber Technologies
(UBER) fell 0.7% following a report from Bloomberg that said Chief Financial Officer Nelson Chai was planning to leave the ride-hailing company. Chai has informed CEO Dara Khosrowshahi of his intentions to leave, though a decision on timing hasn’t been made, people familiar with the matter told Bloomberg. Chai’s departure would mark the most significant executive departure since Uber went public in 2019, Bloomberg noted.
WD-40
(WDFC), the cleaning products and lubricants maker, reported fiscal third-quarter earnings and sales that rose from a year earlier and beat analysts’ expectations. The company also reiterated its fiscal-year guidance. The stock was up 4% in premarket trading.
Iovance Biotherapeutics
(IOVA) was falling more than 11% in premarket trading after the company, a developer of novel cancer immunotherapies, said it was planning a $150 million underwritten public offering of common shares.
Zillow Group
(Z) was raised to Overweight from Neutral by
Piper Sandler
and the price target on shares of the real-estate-services company was raised to $62 from $42.
Zillow
gained 3.% in premarket trading to $49.74.
SunPower
(SPWR) was up 1.2% after
Deutsche Bank
placed a “Catalyst Call: Sell” on the stock as a short-term investment idea and kept a Hold rating on the shares, the Fly reported.
Write to Joe Woelfel at joseph.woelfel@barrons.com
