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Stocks - Pepsi Falls in Premarket on Rockstar Buy, Mallinckrodt Rises

Investing.com
·2-min read

By Geoffrey Smith

Investing.com -- Stocks in focus in premarket trade on Wednesday, March 11th. Please refresh for updates.

8:34 AM ET: Fiat Chrysler Automobiles (NYSE:FCAU) stock was down 3.0% in Milan after the automaker said it will temporarily close four plants in Italy this week in response to government quarantine measures.

No country in Europe has been hit harder by Covid-19 than Italy, which has over 10,000 registered cases and which announced a nationwide quarantine on Tuesday.

Reuters quoted a spokesman as saying that the closures will run from Wednesday through Saturday. After that, to allow greater spacing of employees at their workstations, "daily production rates will be lowered to accommodate the adapted manufacturing processes,” the spokesman told Reuters.

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8:28 AM ET: Uber Technologies (NYSE:UBER) stock fell 4.0% after Reuters reported that the company intends to suspend the accounts of drivers who test positive for the coronavirus, or who have been exposed to it.

Uber said on Saturday it would offer compensation to drivers and delivery people diagnosed with the coronavirus or placed in quarantine for up to 14 days.

8:24 AM ET: Adidas (DE:ADSGN) ADRs (OTC:ADDYY) fell 11.1% to their lowest in over a year after the company said it expected a hit of as much as $1.1 billion in first-quarter revenue due to the coronavirus. The German sportswear maker said sales in Greater China were down by over 80% in the first two months of the year. CEO Kasper Rorsted said he expected a recovery to take “some time”.

The company’s base case scenario is for an increase of 6%-8% in currency adjusted sales this year, up from 6% last year. However, it said it hasn’t factored the coronavirus impact into its forecasts.

8:20 AM ET: Tesla (NASDAQ:TSLA) stock fell 3.1%, unimpressed by CEO Elon Musk’s statement that the company is looking for a site in the central U.S. to build electric trucks. 8:15 AM ET: PepsiCo (NASDAQ:PEP) stock fell 2.6% after the company announced it will buy Rockstar Energy Beverages for $3.85 billion with conditional extra payments of up $700 million spread over the next 15 years. It’s the company’s first venture into the energy drink space, cementing a distribution partnership that the two have had for the last 10 years. Mallinckrodt (NYSE:MNK) stock rose 4.1% after the drug distributor said New York State Attorney General Letitia James had agreed to join a settlement previously agreed between the company and other state attorneys over its role in the opioid scandal.

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