Stocks - Apple, Starbucks Fall in Premarket, Activision Tumbles, Netflix Gains
Stocks in focus in premarket trade Friday:
• Apple (NASDAQ:AAPL) stock lost 0.52% by 8:09 AM ET (13:09 GMT) as several Chinese electronics retailers slashed iPhone prices this week after the company’s warning of weak sales in the Asian giant, according to Reuters. Separately, the company is preparing to launch three new iPhone models this year, according to The Wall Street Journal.
• Johnson & Johnson (NYSE:JNJ) stock edged forward 0.32% after the company raised prices on about two dozen of its prescription drugs.
• Starbucks (NASDAQ:SBUX) stock lost 2.63% as Goldman Sachs (NYSE:GS) warned it could follow Apple in a warning about its business in China. The broker downgraded its recommendation to neutral from buy, according to CNBC.
• Activision Blizzard (NASDAQ:ATVI) stock tumbled 7.50% after the company said it would transfer the rights to its Destiny franchise to Bungie.
• Netflix (NASDAQ:NFLX) stock rose 2.06% as UBS predicted that its subscriber base would grow and upgraded its recommendation to buy from neutral, according to CNBC.
• Anheuser Busch Inbev (NYSE:BUD) U.S.-listed stock jumped 3.07% on a Bloomberg report that the company is considering an initial public offering of its Asian operations.
• Ford Motor (NYSE:F) stock dropped 0.58% after the German Economy Ministry said it was in talks with the company about its planned job cuts in Europe.