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Tesla, PacWest and Icahn Enterprises rise premarket; Fox falls

Investing.com -- Stocks in focus in premarket trade on Friday, May 12th. Please refresh for updates.

  • Tesla (NASDAQ:TSLA) stock rose 2% after CEO Elon Musk tweeted on Thursday that he had "hired a new CEO for X/Twitter," potentially allowing him more time to concentrate on the EV manufacturer.

  • PacWest Bancorp (NASDAQ:PACW) stock rose 2.5%, rebounding after dropping over 22% during the previous session after the regional lender announced that its deposits had shrunk by about 10% in the first week of May.

  • Fox (NASDAQ:FOX) stock fell 1.3% after Wells Fargo downgraded its stance on the entertainment giant to ‘equal weight’ from ‘overweight’, on valuation after it reported solid earnings earlier this week.

  • Barclays (NYSE:BCS) ADRs rose 0.7% after RBC upgraded its stance on the U.K.-based lender to ‘outperform’ from ‘market perform’, calling the current valuation a “good entry point.”

  • Northrop Grumman (NYSE:NOC) stock fell 0.4% after Barclays downgraded the aerospace and defense company to ‘equal weight’ from ‘overweight’, saying its margins are likely to fall more than expected.

  • Diageo (NYSE:DEO) ADRs fell 2.8% after Jefferies downgraded the spirits company to ‘hold’ from ‘buy’, citing concerns over its U.S. growth prospects.

  • Icahn Enterprises (NASDAQ:IEP) stock rose 5.5% after the American financier rebutted a critical report from short-seller Hindenburg Research.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.