Oracle, Peloton, Goldman Sachs Rise Premarket; Rent the Runway Slumps

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By Peter Nurse

AiVIF.com -- Stocks in focus in premarket trade on Tuesday, September 13th. Please refresh for updates.

• Oracle (NYSE:ORCL) stock rose 2% after the software maker reported healthy first-quarter revenues as demand for its cloud services remained strong and it started to reap the benefits of buying healthcare IT firm Cerner.

• Peloton (NASDAQ:PTON) stock rose 0.9% after the troubled exercise bike maker announced that co-founders John Foley and Hisao Kushi are stepping down from their executive roles as part of a massive restructuring.

• Starbucks (NASDAQ:SBUX) stock rose 0.5% ahead of the coffee retailer’s investor day at which it’s expected to reveal its plans for moving forward from the pandemic, with a new CEO waiting in the wings.

• Goldman Sachs (NYSE:GS) stock rose 0.7% after Reuters reported that the investment bank will cut jobs as early as this month after pausing the annual practice for two years during the pandemic.

• Dow (NYSE:DOW) stock fell 1% after Jefferies downgraded its stance on the chemicals company to ‘hold’ from ‘buy’, citing excess supply and demand risks.

• UBS (NYSE:UBS) ADRs rose 3.8% after the Swiss bank unveiled a proposed 10% increase to its annual dividend, adding that it expects share buybacks this year to exceed its original full-year target of $5 billion.

• Rent the Runway (NASDAQ:RENT) stock slumped 25.6% after Barclays downgraded its stance on the e-commerce platform to ‘neutral’ from ‘outperform’, advising investors to steer clear until active subscriber growth recovers. The company announced it was laying off 24% of its workforce.

• Oatly (NASDAQ:OTLY) ADRs fell 0.6% after Credit Suisse downgraded its stance on the Swedish food company to ‘neutral’ from ‘outperform’, citing rising inflation in Europe and Asia.