Home Depot, Tesla Fall Premarket; Macy’s Rises

© Reuters.

By Peter Nurse 

Investing.com — Stocks in focus in premarket trade on Tuesday, February 23rd. Please refresh for updates.

• Home Depot (NYSE:HD) stock fell 2.1% after the retailer warned about the uncertain future of consumer spending for the rest of the year: the company had ridden a home improvement boom last year caused by the pandemic; same-stores sales jumped almost 25% in the fourth quarter.

• Macy’s (NYSE:M) stock rose 3.7% after the retailer reported its first quarterly profit in a year, helped by strong online sales during the holiday period, and forecast 2021 sales largely above estimates.

• Tesla (NASDAQ:TSLA) stock slumped 5%, weakening after rival Lucid Motors announced plans to go public via a SPAC. The electric carmaker’s value is also tied to that of bitcoin given its $1.5 billion investment in the cryptocurrency.

• Johnson & Johnson (NYSE:JNJ) stock rose 0.3% despite the drugmaker setting aside $3.9 billion in litigation expenses in 2020, linked with the 25,000 lawsuits by former users of its baby powder.

• AMC Entertainment (NYSE:AMC) stock rose 4.6% after New York Governor Andrew Cuomo announced movie theaters can reopen in the city from March 5 at 25% capacity.

• Carnival (NYSE:CCL) (NYSE:CUK) stock fell 3.8% after the cruise operator announced plans to sell $1 billion worth of equity to see it through an extended pause in sailing. .

• Palo Alto Networks (NYSE:PANW) stock fell 1.7% after the cybersecurity company issued a cautious outlook for the current quarter, but did note the potential opportunities provided by the SolarWinds hack. 

• Shopify (NYSE:SHOP) stock fell 7.4% after the e-commerce company said it will sell 1.18 million Class A shares.

• TheRealReal (NASDAQ:REAL) stock fell 10% after the luxury marketplace disappointed with its quarterly earnings, coming in below expectations for both profit and revenue.

• Churchill Capital (NYSE:CCIV) stock slumped 32% after Lucid Motors signed a deal to go public via the SPAC, generating around $4.4 billion in cash for Lucid. Churchill’s stock had soared in previous sessions when reports on the deal first emerged.