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Procter & Gamble, Alcoa, Roblox fall premarket; Philip Morris rises

Investing.com
·2-min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Thursday, January 19th. Please refresh for updates.

Alcoa (NYSE:AA) stock fell 6.3% after the aluminum producer reported a net loss of $374 million for the quarter and shipments will be weaker than anticipated this year amid ongoing uncertainties caused by global inflation, dwindling demand in Europe and a soft economic outlook in China.

Procter & Gamble (NYSE:PG) stock fell 3.4% after the consumer goods giant posted a fall in second-quarter net sales and warned of high commodity costs pressuring profits, even while raising its full-year sales forecast on the back of increased prices.

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Tesla (NASDAQ:TSLA) stock fell 2.6% after Piper Sandler cut its price target on the electric vehicle manufacturer to $300 from $340, keeping an ‘overweight’ rating, saying the company took longer than expected to cut prices.

Charles Schwab (NYSE:SCHW) stock fell 3% after Bank of America downgraded its stance on the financial services company to 'sell' all the way from 'buy', saying clients will continue to shift to money market funds.

Roblox (NYSE:RBLX) stock fell 7.1% after Morgan Stanley downgraded its stance on the video game company to ‘underweight’ from ‘equal weight’, citing limited upside going forward.

Discover Financial (NYSE:DFS) stock fell 7.2% after the financial services company boosted its provision for credit losses, signaling that it sees a weaker economy ahead.

Philip Morris (NYSE:PM) stock rose 0.3% after Jefferies upgraded its stance on the cigarette maker to 'buy' from 'hold', saying its shares can rise almost 20% on smokeless alternatives. Wallbox (NYSE:WBX) stock fell 1.8% after the electric vehicle charging provider announced plans to cuts around 15% of its workforce in order to cut costs.

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