Stocks – Tesla Rises Premarket; Canopy Growth, Broadcom Slump

Investing.com – Stocks in focus in premarket trading on Wednesday:

• Tesla (NASDAQ:) shares surged 6.9% in premarket trade by 8:20 AM ET (12:20 GMT) after the company it had delivered 95,200 electric cars in the second quarter, which was more than expected.

• JPMorgan Chase & Co (NYSE:) stock fell 0.7% after reports that it may have to pay a hefty premium to become the first foreign company to own a majority stake in a Chinese joint venture. The company will incur a premium of at least 33% for the 2% of shares that are being put up for sale, CNN reported.

• Broadcom (NASDAQ:) was down 4%, after Bloomberg reported that the company is in advanced talks to buy cybersecurity firm Symantec (NASDAQ:), which could be finalized in the next few weeks if it goes through.

• Canopy Growth (NYSE:) slumped 4.4% after reports that Bruce Linton is stepping down as co-CEO and board member and that Mark Zekulin has agreed to become the sole CEO.

• Walmart (NYSE:) shares dipped 0.8% after Vox reported the retailer has selling-off its unprofitable clothing brands Bonobos and Modcloth. The company bought the brands in 2017 in an attempt to appeal to younger customers and compete with Amazon.com (NASDAQ:).

•Merck & Company (NYSE:) gained 0.5% after Mizuho Securities initiated the company with a buy rating due to the drug Keytruda driving Merck’s “dominance in immuno-oncology,” CNBC reported.

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