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Stocks - Adobe, iHeartMedia, Barclays Up in Premarket; Broadcom Down

Investing.com

Investing.com -- Stocks in focus in premarket trade on Friday, 13th December.

Broadcom (NASDAQ:AVGO) stock was down 1.6% after the company reported a lacklustre end to its fiscal year. Promises that the current year would be better were shrugged off.

Tapestry (NYSE:TPR) stock was unchanged after the luxury goods company said Kate Spade CEO Anna Bakst will leave at year-end, after less than two years on the job. Kate Spade reported a 16% drop in comparable store sales in Tapestry’s latest quarterly earnings.

Oracle (NYSE:ORCL) stock fell 2.3% after posting disappointing quarterly revenue. The company also said after the bell on Thursday that it won’t replace Mark Hurd as co-CEO, leaving Safra Catz in sole charge of the company.

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Adobe (NASDAQ:ADBE) stock rose 2.5% after strong Cloud subscription revenue helped quarterly profit beat expectations. Revenue fell slightly short, however.

iHeartMedia stock (NASDAQ:IHRT) rose 7.8% on the back of reports that John Malone’s Liberty Media (NASDAQ:FWONA) wants to raise its stake in the company from the current 4.8%

Barclays ADR (NYSE:BCS) and Lloyds Banking (LON:LLOY) Group (NYSE:LYG) ADRs both surged, by 8.5% and 8.8% respectively, after the U.K. election resulted in a resounding win for Boris Johnson’s Conservative Party.

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