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Virgin Orbit, AMC Entertainment and Ncino fall premarket; Etsy rises

Investing.com
·2-min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Tuesday, April 4th. Please refresh for updates.

Virgin Orbit (NASDAQ:VORB) stock slumped 24% after Richard Branson’s cash-strapped space-launch firm filed for Chapter 11 bankruptcy in a court in the U.S. state of Delaware.

Walmart (NYSE:WMT) stock edged lower ahead of the start of a two-day meeting for investors and analysts, with Bloomberg reporting that the retail giant is set to cut more than 2,000 jobs at five U.S. e-commerce warehouses.

Illumina (NASDAQ:ILMN) stock fell 0.2% after the Federal Trade Commission struck down the biotech’s proposed deal to buy cancer diagnostic group Grail for $7 billion.

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Walt Disney (NYSE:DIS) stock rose 0.4% in the wake of CEO Robert Iger ramping up the entertainment giant’s dispute with Florida Governor Ron DeSantis, calling his actions to crack down on Disney’s privileged status in the state as “anti-business” and “anti-Florida”.

Etsy (NASDAQ:ETSY) stock rose 3.9% after Piper Sandler upgraded its stance on the online marketplace to ‘overweight’ from ‘neutral’, citing a “compelling” valuation.

Tesla (NASDAQ:TSLA) stock rose 0.8% after the auto giant sold 88,869 units of China-made electric vehicles in March for both domestic sales and exports, up 35.0% from a year ago.

Ncino (NASDAQ:NCNO) stock fell 2.3% after Morgan Stanley downgraded the fintech company to ‘equal weight’ from ‘overweight’ on valuation after it reported strong fourth-quarter earnings last week.

AMC Entertainment (NYSE:AMC) stock fell 26% after the movie theater chain announced it reached a proposed settlement in a class-action lawsuit brought by some investors, likely leading to the conversion of preferred stock into common stock.

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