Bed Bath & Beyond, Chegg fall premarket; Boeing, Hertz, BP rise

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Tuesday, February 7th. Please refresh for updates.

• Boeing (NYSE:BA) stock rose 0.5% after the planemaker announced plans to cut about 2,000 jobs this year in finance and human resources through a combination of attrition and layoffs.

• Bed Bath & Beyond (NASDAQ:BBBY) stock fell 31% after the troubled home goods retailer announced plans to raise some $1 billion through an offering of preferred stock and warrants in an attempt to stave off bankruptcy.

• Hertz (NASDAQ:HTZ) stock rose 3.9% after the car rental firm reported a quarterly profit versus a year-ago loss, as demand stayed strong amid surging leisure travel and constrained production from automakers.

• Chegg (NYSE:CHGG) stock slumped 23% after the education technology company revealed disappointing full-year revenue guidance, citing economic uncertainties and subscriber growth worries.

• CVS Health (NYSE:CVS) stock fell 0.1% after the Wall Street Journal reported the pharmacy chain is set to announce a deal to buy Oak Street Health (NYSE:OSH), up 36%, for $10.5 billion, building out a growing presence in the primary healthcare market.

• BP (NYSE:BP) ADRs rose 4.1% after the energy giant posted record annual results, with underlying earnings soaring by just over 115% to $27.65 billion, while also announcing a 10% dividend increase and a further $2.75B in share buybacks in the first quarter.

• Baidu (NASDAQ:BIDU) stock rose 12% after the Chinese search engine giant said it’s close to completing tests of an AI project akin to Microsoft-backed ChatGPT.

• Tyson Foods (NYSE:TSN) stock fell 0.6% after Goldman Sachs downgraded its stance on the meat producer to ‘neutral’ from ‘buy’, citing worries about future profitability.