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Stocks - Shopify, Walmart Rise in Premarket; BP, Cyclicals Hit

Published 15/06/2020, 14:05
Updated 15/06/2020, 14:06
© Reuters.

© Reuters.

By Geoffrey Smith 

Investing.com -- Stocks in focus in premarket trade on Monday, June 15th. Please refresh for updates.

  • Walmart (NYSE:WMT) stock rose 0.4% and Shopify (NYSE:SHOP) stock rose 5.0% after the two companies announced a strategic partnership under which Walmart will add some 1,200 Shopify sellers to its marketplace this year.
  • The move bolsters Walmart’s online presence further, after a 74% rise in e-commerce sales in its last quarterly update.
  • Hertz Global (NYSE:HTZ) was down 23.3% after the car rental company, which is in Chapter 11, filed to issue up to $500 million in new stock. The proceeds of any stock offering at this stage of its 11 bankruptcy proceedings, would appear likely to go to satisfying the company’s creditors.
  • BP (LON:BP) (NYSE:BP) ADRs were down 4.9% at a two-week low after the company said it expects to write off between $13 billion and $17.5 billion in its second-quarter results.
  • The impairments, which mainly affect its upstream assets are the result of the company revising down its long-term forecasts for Brent crude to $55 a barrel, a change driven by what it expects to be the “enduring impact” of the Coronavirus pandemic.
  • Genius Brands (NASDAQ:GNUS) stock rose 13% after the company said former California Governor and Terminator star Arnold Schwarzenegger had agreed to back the company as an investor. Schwarzenegger, who is starring in and co-produces the "Stan Lee's Superhero Kindergarten" show that is due to premier next year on Amazon (NASDAQ:AMZN) Prime, will receive warrants in return for his contribution.
  • United Airlines (NASDAQ:UAL) stock was down 7.2%, along with many other cyclical stocks, amid fears of a second wave of Covid-19 infections, after reports of fresh outbreaks in Beijing and Tokyo over the weekend. 
  • United also said in its own statement that it expects negative cash flow of around $40 million a day in the current quarter, falling to $30 million in the third quarter.
  • Caterpillar (NYSE:CAT) stock was down 4.0% while General Electric (NYSE:GE) stock was down 4.1% and Norwegian Cruise Lines (NYSE:NCLH) stock was down 10.5% amid a general rotation out of cyclical stocks that had briefly outperformed the market in May.

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