Tiffany, Slack Slump Premarket; Tesla Rebounds Nearly 7%

By Peter Nurse 

Investing.com -- Stocks in focus in premarket trade on Wednesday, September 9th. Please refresh for updates.

• Tesla (NASDAQ:TSLA) stock rose 6.8%, rebounding after Tuesday’s 21% drop, the stock’s largest ever fall. The stock is still up nearly 300% year-to-date.
• Apple (NASDAQ:AAPL) stock climbed 2.9%, also rebounding after recent sharp losses. The tech giant filed a countersuit against Fortnite publisher Epic Games seeking lost fees and other damages. Epic has already sued Apple for removing Fortnite from its App Store, in a dispute over commissions taken by Apple.
• Slack Technologies (NYSE:WORK) stock slumped 16% despite the messaging app reporting better-than-expected second-quarter results. Billing growth, a key indicator of future revenue, slowed in the quarter.
• Tiffany (NYSE:TIF) stock dropped 9.7% after LVMH Moet Hennessy said it will not be able to complete the previously announced $16 billion takeover of the U.S. luxury goods retailer. Tiffany has filed a lawsuit, claiming LVMH is in breach of its obligations.
• AstraZeneca (NYSE:AZN) ADRs fell 1.9% after the pharma giant said it has paused global trials of its experimental coronavirus vaccine after an unexplained illness in a participant.
• Northrop Grumman (NYSE:NOC) stock rose 1.3% after the defense contractor said it was awarded a $13.3 billion contract by the U.S. Air Force to modernize the country's intercontinental ballistic missile system.
• Lululemon Athletica (NASDAQ:LULU) stock fell 4.8% despite the athletic apparel company topping Wall Street estimates for the quarter, as the company's failure to provide an outlook unsettled analysts.
• Under Armour (NYSE:UA) stock fell 1.3% after the sportswear maker said Tuesday it will lay off about 600 employees from its global workforce, expecting to incur about $235 million in charges.
• Lyft (NASDAQ:LYFT) stock fell 1% after reporting a 7.3% increase in rides during August compared to a month earlier. This was still down 53% from a year earlier.
• Netflix (NASDAQ:NFLX) stock rose 2.2% after the streaming video company announced a major management overhaul, with Bela Bajaria placed in charge of the company’s global original series production.

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