Stocks – Uber, Lululemon Rise Premarket; Boeing Falls

© Reuters.

By Peter Nurse — Stocks in focus in premarket trade on Tuesday, June 30th. Please refresh for updates.

  • Wells Fargo (NYSE:) stock fell 1.1% after the bank confirmed late Monday that it will have to cut its third-quarter dividend for the first time in more than a decade after the Federal Reserve’s annual stress test.

  • Boeing (NYSE:) stock fell 1.5% after Norwegian Air Shuttle canceled orders for 97 Boeing aircraft and will claim compensation from the U.S. plane-maker for the grounding of the 737 Max and for 787 engine troubles.

  • Uber (NYSE:) stock rose 4.6% after making a takeover offer for rival food delivery app Postmates. The deal values Postmates at $2.6 billion, the WSJ reported, in what would be the latest in a series of moves to consolidate the food-delivery industry.

  • Lululemon (NASDAQ:) stock rose 3.9% after the yogawear maker agreed to buy home exercise startup Mirror for $500 million.

  • Micron (NASDAQ:) stock rose 6.1% after the memory-chip maker said sales surged in the third quarter as the pandemic forces more companies to expand their cloud computing capabilities.

  • Simon Property (NYSE:) stock rose 7.2%, continuing Monday’s 10% gain after resuming its dividend and announcing that most of its U.S. retail properties have reopened. 

  • Royal Dutch Shell (LON:) ADR dropped 2.8% after the oil giant warned that the low price of oil could reduce the value of its assets by up to $22 billion. Rival BP (NYSE:) wrote down the price of its assets by $17.5 billion earlier this month.

  • Xilinx (NASDAQ:) stock rose 6.6% after the semiconductor company increased its forecasts saying the loosening of some restrictions on Chinese companies had helped its business.

  • ConAgra Foods (NYSE:) stock rose 1.5% after reporting strong fiscal fourth-quarter figures, benefiting from increased at-home eating as a result of the coronavirus.
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