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Stocks - Cisco, Exxon Fall in Premarket; Rolls-Royce Rises

By Geoffrey Smith -- Stocks in focus in premarket trading on Friday, February 28th.

Cisco Systems (NASDAQ:CSCO) stock fell 2.6% after the Wall Street Journal reported that the company is planning a new round of layoffs due to the high uncertainty over the economic outlook.

Foot Locker (NYSE:FL) stock fell 0.9%, outperforming the broader market, after the retailer reported better-than-expected earnings for the fourth quarter.

Adjusted earnings per share came in at $1.63 rather than the $1.59 expected, and the positive surprise outweighed other negative lines such as falling gross margins and a miss on revenue.

Rolls-Royce (LON:RR) ADRs surged 6.2% after the aero engine maker said it was confident that the worst of the problems with its Trent 1000 engine was behind it.

Chief Executive Warren East said the roll-out of fixes was progressing and he had increased confidence in a new blade design due next year.

The number of aircraft on the ground for repair would fall to fewer than 10 by end of June, in line with forecasts, he said.

Exxon Mobil (NYSE:XOM) stock fell 1.5% to its lowest since 2004 amid ongoing pressure on crude oil prices. U.S. crude futures fell over 3% at one stage on Friday and are on course for a weekly loss of 15%.

Forty Seven (NASDAQ:FTSV)stock rose 22% after Gilead Sciences (NASDAQ:GILD) reportedly approached it about a takeover. The two drug companies haven’t confirmed the report.

Gilead stock, which has outperformed the market sharply this week on hopes that regulatory approval for its remdesivir drug can be accelerated, was down 3.0%.

Baidu (NASDAQ:BIDU) stock fell 2.8% after the Chinese search engine giant said its revenue may fall as much as 13% this quarter due to the coronavirus outbreak.

The company’s earnings and revenue for the fourth quarter both beat estimates, however.

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