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GameStop, BowX Acquisition and Morgan Stanley Rise Premarket; Nio Falls



© Reuters

By Peter Nurse 

Investing.com — Stocks in focus in premarket trade on Friday, March 26th. Please refresh for updates.

  • GameStop (NYSE:) stock rose 6.6%, continuing to push higher after gaining over 50% on Thursday. The video games retailer has become very popular among retail traders on Reddit message boards, but weakened substantially on Wednesday after quarterly results when it stated it was considering selling more stock.

  • BowX Acquisition (NASDAQ:) stock rose 5.2% after the special purpose acquisition vehicle agreed to merge with WeWork in a new deal to take the office-sharing company public. It values WeWork at $9 billion, substantially below its one-time valuation of around $47 billion. 

  • Nio (NYSE:) ADR fell 7.9% after the Chinese electric vehicle maker said it would halt production for five working days at its Hefei plant, due to a shortage in semiconductor chips. It also cut its first quarter delivery forecast to around 19,500 vehicles, compared with the 20,000 to 20,500 vehicles it had previously expected.

  • Morgan Stanley (NYSE:) stock rose 1.4%, Citigroup (NYSE:) stock rose 1.8%, JPMorgan Chase (NYSE:) stock rose 1.5% and Goldman Sachs (NYSE:) stock climbed 1.5% after the Federal Reserve announced they can resume buybacks and raise dividends in the second half of the year. 

  • Berkshire Hathaway (NYSE:) stock rose 0.5% after Warren Buffett’s company proposed an $8.3 billion plan to build emergency backup power generation in Texas to state regulators.

  • Ford (NYSE:) stock rose 0.2% after the automaker said it will idle production of its highly profitable F-150 pickup truck at a plant in Michigan through Sunday due to the global semiconductor chip shortage.

  • Microsoft (NASDAQ:) stock fell 0.5% after the Wall Street Journal reported that the software giant is now in advanced talks to buy messaging platform Discord for $10 billion.

  • Madison Square (NYSE:) Garden Entertainment (NYSE:) stock rose 3.3% after the owner of Madison Square Garden and other venues announced it was buying MSG Networks (NYSE:), down 5.1%, in a stock-swap deal.

  • Fox Corp (NASDAQ:) stock was flat after Dominion Voting filed a $1.6 billion defamation lawsuit against Fox News over its 2020 election claims.

 

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