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MARKETS LIVE BLOG:

STOCKS CLIMB AS DOW POSTS 8TH STRAIGHT WIN

Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

Coca-Cola, Credit Suisse and Philips rise premarket; Bed Bath & Beyond falls

Investing.com
·2 min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Monday, April 24th. Please refresh for updates.

Bed Bath & Beyond (NASDAQ:BBBY) stock slumped over 35% after the embattled home goods retailer filed for bankruptcy protection, following years of underperformance.

Coca-Cola (NYSE:KO) stock rose 1.4% after the soft drinks giant beat expectations for quarterly revenue, as demand for its produce remained resilient in the face of multiple price increases.

Philips (NYSE:PHG) ADRs climbed 13.2% after the Dutch health technology company reported much better than expected first quarter results and said it had set aside around $630 million related to lawsuits over its recall of respiratory devices.

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Credit Suisse (NYSE:CS) ADRs rose 1.9% after the Swiss lender, in the process of being acquired by rival UBS (NYSE:UBS), up 1.6%, shelved plans to purchase Michael Klein’s investment firm following $68 billion of outflows last quarter.

PPG Industries (NYSE:PPG) stock rose 1.8% after JPMorgan upgraded its stance on the industrial coatings supplier to ‘overweight’ from ‘neutral’ following last week’s strong quarterly earnings and upbeat full-year guidance.

Comcast (NASDAQ:CMCSA) stock fell 0.2% after the weekend departure of Jeff Shell, the CEO of unit NBCUniversal, following a complaint of an inappropriate relationship with a woman in the company.

First Solar (NASDAQ:FSLR) stock fell 2.5% after Citigroup downgraded the solar panel manufacturer to ‘sell’ from ‘neutral’, citing uncertainty surrounding the company’s long-term outlook for margins and growth.

Kingsoft Cloud (NASDAQ:KC) stock fell 5.9% after Goldman Sachs downgraded the Chinese software company to ‘sell’ from ‘neutral’ with the stock up nearly 75% year to date.

Foghorn Therapeutics (NASDAQ:FHTX) stock fell around 22.9% after the FDA placed a partial clinical hold on the trial of the company’s key cancer drug.

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