Procter & Gamble, Alcoa, Roblox fall premarket; Philip Morris rises

  • Stock Market News
Procter & Gamble, Alcoa, Roblox fall premarket; Philip Morris rises
Credit: © Reuters.

By Peter Nurse -- Stocks in focus in premarket trade on Thursday, January 19th. Please refresh for updates.

  • Alcoa (NYSE: AA ) stock fell 6.3% after the aluminum producer reported a net loss of $374 million for the quarter and shipments will be weaker than anticipated this year amid ongoing uncertainties caused by global inflation, dwindling demand in Europe and a soft economic outlook in China.

  • Procter & Gamble (NYSE: PG ) stock fell 3.4% after the consumer goods giant posted a fall in second-quarter net sales and warned of high commodity costs pressuring profits, even while raising its full-year sales forecast on the back of increased prices.
  • Tesla (NASDAQ: TSLA ) stock fell 2.6% after Piper Sandler cut its price target on the electric vehicle manufacturer to $300 from $340, keeping an ‘overweight’ rating, saying the company took longer than expected to cut prices.

  • Charles Schwab (NYSE: SCHW ) stock fell 3% after Bank of America downgraded its stance on the financial services company to 'sell' all the way from 'buy', saying clients will continue to shift to money market funds.
  • Roblox (NYSE: RBLX ) stock fell 7.1% after Morgan Stanley downgraded its stance on the video game company to ‘underweight’ from ‘equal weight’, citing limited upside going forward.

  • Discover Financial (NYSE: DFS ) stock fell 7.2% after the financial services company boosted its provision for credit losses, signaling that it sees a weaker economy ahead.

  • Philip Morris (NYSE: PM ) stock rose 0.3% after Jefferies upgraded its stance on the cigarette maker to 'buy' from 'hold', saying its shares can rise almost 20% on smokeless alternatives.
  • Wallbox (NYSE: WBX ) stock fell 1.8% after the electric vehicle charging provider announced plans to cuts around 15% of its workforce in order to cut costs.

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