Investing.com - Stocks in focus in premarket trade Thursday:
• Bed Bath & Beyond Inc (NASDAQ:BBBY) stock sank 8.8% by 8:11 AM ET (12:11 GMT) after the company reported a wider-than-expected drop in same-store sales for its fiscal fourth quarter. For its fiscal year, the home-goods retailer also reported a decline in sales and swung to an annual loss for the first time since it went public nearly three decades ago.
• Tesla (NASDAQ:TSLA) stock fell 3.4% after Panasonic reportedly put plans to expand its Gigafactory on hold.
• Amazon.com (NASDAQ:AMZN) stock was little changed after a Bloomberg report that the company has thousands of employees listening to and reviewing private conversations on its Alexa voice service. Separately, the U.S. Department of Defense said that Amazon was chosen along with Microsoft (NASDAQ:MSFT) to continue in the process of selection for a Pentagon cloud services contract.
• International Business Machines (NYSE:IBM) stock rose 0.6% after Credit Suisse (SIX:CSGN) analysts initiated coverage of it with an outperform rating and a $173 target price.
• Rite Aid (NYSE:RAD) stock edged forward 0.2% after the company reported a quarterly loss narrower than the consensus forecast.