By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, May 11th. Please refresh for updates.
Apple (NASDAQ:AAPL) stock fell 2.4%. Facebook (NASDAQ:FB) was down 1.8%, Amazon (NASDAQ:AMZN) dropped 1.6%, Netflix (NASDAQ:NFLX) fell 1.7% and Alphabet (NASDAQ:GOOGL) dropped 1.3%, the mega-cap stocks down on a variety of factors, ranging from fears over monetary tightening to regulation action to tame Big Tech.
Tesla (NASDAQ:TSLA) stock fell 7.2% after signs of trouble for the electric car maker in China emerged. The country’s Passenger Car Association reported a 27% drop of locally-made cars in April, while Reuters reported the company decided against acquiring more land next to its Shanghai plant.
Palantir Technologies (NYSE:PLTR) stock slumped 10% after the data analytics company’s net loss widened to $123.5 million in the quarter from $54.3 million a year earlier. That said, sales estimates came in ahead of expectations as it clinched more software contracts from businesses and governments across the world.
Novavax (NASDAQ:NVAX) stock fell over 13% after the drugmaker pushed back its timetable for seeking Covid vaccine approvals, saying it won’t apply for regulatory approval in the U.S., U.K. and Europe until the third quarter.
Hanesbrands (NYSE:HBI) stock fell 11% after the apparel maker’s revenue forecast for the current quarter and full-year both fell short of expectations. It also announced a three-year plan designed to boost sales and profit margins.
L Brands (NYSE:LB) stock fell 2.9% after the fashion retailer said its board had approved a plan to separate the company into two independent, public companies, Bath & Body Works and Victoria's Secret, after deciding against a sale of the lingerie brand.
Perrigo (NYSE:PRGO) stock fell 2.6% after the maker of over-the-counter pharmaceuticals reported quarterly profit and revenue short of consensus.
Simon Property (NYSE:SPG) stock fell 3.5% after the real estate owner lowered its full-year profit per share forecast, with CEO David Simon saying the company does not expect a return to 2019 occupancy levels until next year or 2023.
Virgin Galactic (NYSE:SPCE) stock fell 20% after the space travel company posted a first-quarter loss of $130 million, and said it was “evaluating” the timing of its next flight test.
Callaway Golf (NYSE:ELY) stock rose 6.9% after the golf equipment and apparel company reported better than expected first-quarter profit and sales, saying demand for its products has never been higher, one of the beneficiaries of the pandemic.