Nike, FedEx, Six Flags and Rite Aid rise premarket; Starbucks falls

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, December 21st. Please refresh for updates.

• Nike (NYSE:NKE) stock rose 11.7% after the world’s largest sportswear retailer reported stellar quarterly revenue growth, raising its full-year guidance, as North American shoppers stocked up ahead of the holidays.

• FedEx (NYSE:FDX) stock rose 4.5% after the delivery giant announced it plans to slash an additional $1 billion in costs, aiming to boost profits by parking planes, closing offices, stopping rural Sunday delivery, and furloughing workers in its freight division.

• Rite Aid (NYSE:RAD) stock rose 5.4% after the drugstore operator reported a smaller quarterly loss than expected, helped by sales growth at its retail operations.

• Tesla (NASDAQ:TSLA) stock rose 1.7%, after tumbling to a fresh two-year low in the previous session, following a report that the electric vehicle manufacturer is set to announce another round of layoffs and a hiring freeze in the coming quarter.

• Six Flags (NYSE:SIX) stock rose 7.9% after the Wall Street Journal reported that activist shareholder Land & Buildings Investment Management has taken an approximate 3% stake in the theme-park operator and is seeking to monetize its real estate.

• Starbucks (NASDAQ:SBUX) stock fell 1.1% after Jefferies downgraded its stance on the coffee chain to ‘hold’ from ‘buy’, saying the stock’s 40% rally from its May lows leaves little upside as discretionary spending is hit.

• Philips (NYSE:PHG) ADRs rose 5.2% after the medical equipment maker unveiled the results from new testing that showed limited health risks from its recalled sleep-therapy devices.