AMC Entertainment, Zoom Rise Premarket; Tesla Falls

Stock Markets1 hour ago (Jun 02, 2021 08:01AM ET)

(C) Reuters

By Peter Nurse

Investing.com — Stocks in focus in premarket trade on Wednesday, June 2nd. Please refresh for updates.

AMC Entertainment (NYSE:AMC) stock soared 19%, set to continue the recent rally and setting up to open at a record high a day after the company raised $230 million to cash in on a social media-driven trading frenzy.

Tesla (NASDAQ:TSLA) stock fell 0.3% after the electric car manufacturer announced it’s recalling nearly 6,000 U.S. vehicles because brake caliper bolts could be loose, with the potential to cause a loss of tire pressure.

Lands’ End (NASDAQ:LE) stock rose 4% after the clothes retailer reported an unexpected profit in the first quarter, helped by a jump in digital sales.

Zoom Video Communications (NASDAQ:ZM) stock rose 0.6% after the video-messaging platform reported first-quarter results that beat consensus estimates, and raised its full-year guidance, easing concerns about peak demand as the work from home trend eases.

Hewlett Packard Enterprise (NYSE:HPE) stock fell 0.6% despite the information technology company raising its full-year earnings guidance after reporting better-than-expected fiscal second-quarter results. The company’s stock is up more than 35% year to date.

Etsy (NASDAQ:ETSY) stock rose 1.6% after the e-commerce firm announced it was buying the second-hand fashion app Depop for $1.62 billion, looking to attract Gen-Z consumers.

Imax (NYSE:IMAX) stock fell 1.7% and Cinemark (NYSE:CNK) stock fell 2.6% after Goldman Sachs downgraded both to ‘sell’ from ‘neutral’, saying the market appears to be too optimistic about the recovery for movie theaters and the stocks appear overvalued.

Ambarella (NASDAQ:AMBA) stock rose 4% after the maker of video chips and components reported strong first-quarter results and provided an upbeat outlook, boosted by healthy growth in the company’s automotive business.

AMC Entertainment, Zoom Rise Premarket; Tesla Falls

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