Zoom, Robinhood Fall Premarket; Designer Brands Rises

By Peter Nurse

Investing.com — Stocks in focus in premarket trade on Tuesday, August 31st. Please refresh for updates.

Zoom Video Communications (NASDAQ:ZM) stock fell over 11% after the video conferencing company revised its full-year guidance, now seeing revenue growth slowing to 51%, and only 31% growth in the next quarter.

Robinhood (NASDAQ:HOOD) stock fell 2.6%, extending losses sustained on Monday after Securities and Exchange Commission Chairman Gary Gensler said a full ban of payment for order flow is “on the table”, a move that would hit the exchange’s earnings.

Designer Brands (NYSE:DBI) stock rose 9.1% with the footwear retailer easily beating revenue expectations, comparable same-store sales surging by almost 85%.

Occidental Petroleum (NYSE:OXY) stock rose 0.6% following the move by Citigroup (NYSE:C) to initiate coverage of the energy company with a ‘buy’ rating, seeing 40% upside based on its new carbon capture business.

Textron (NYSE:TXT) stock rose 1.3% with Cowen upgrading its investment stance to ‘outperform’ from ‘market perform’, seeing strong demand for business jets.

NetEase (NASDAQ:NTES) stock rose 2.7% following the Chinese online gaming company reporting better-than-expected earnings for its latest quarter, some welcome good news amid new restrictions on online gaming imposed by the Chinese government.

PayPal (NASDAQ:PYPL) stock rose 0.4% after CNBC reported that the payments giant was exploring ways to offer stock trading after launching cryptocurrency trading services last year.

Apple (NASDAQ:AAPL) stock traded 0.2% lower, while Alphabet (NASDAQ:GOOGL) stock rose 0.2% following the passage of a bill in South Korean forcing them to open their app stores to rival payment services.

Moderna (NASDAQ:MRNA) stock rose 1.2% with a study published in the Journal of the American Medical Association suggesting that the drugmaker’s Covid-19 vaccine produced more than twice the number of antibodies as the rival vaccine produced by Pfizer/BioNTech.

Uber (NYSE:UBER) stock climbed 0.2% after Russian internet giant Yandex (NASDAQ:YNDX) announced it would buy the U.S. ride hailing company's stakes in their joint foodtech, delivery and self-driving businesses, and increase its stake in their ride-hailing joint venture as part of a $1 billion deal.

Virgin Galactic (NYSE:SPCE) stock rose 2.6% after Jefferies (NYSE:JEF) initiated coverage of the space travel company with a ‘buy’ rating, citing increased capacity and raised demand.

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