Stocks - Oil Producers Extend Rebound in Premarket; Crowdstrike Surges
By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trade on Friday. A strong overnight bounce in futures is fading slightly, but main indices are still called to open higher.
- Altria (NYSE:MO) stock was up 1.4%, underperforming the broader market, after the company confirmed its CEO has tested positive for the Covid-19 virus
- Crowdstrike (NASDAQ:CRWD) stock was up 19.3% after the cybersecurity firm reported a quarterly loss of 2 cents per share, much less than the 8 cents a share expected by analysts.
- Crowdstrike also gave an upbeat outlook, saying that the increased spread of work from home was likely to support billings.
- Exxon Mobil (NYSE:XOM) stock was up 1.7% after the Texas Railroad Commissioner Ryan Sitton proposed a return to regulating domestic oil output in order to support crude prices.
- Such a measure would benefit smaller, independent players, partly at the expense of the integrated majors.
- Upstream independents Diamondback Energy (NASDAQ:FANG) and Devon Energy (NYSE:DVN) were up just under 5%, while Occidental Petroleum (NYSE:OXY) was up 4.3% and Apache (NYSE:APA) was up 5.5%.
- Uber (NYSE:UBER) stock was up 9.8% after CEO Dara Khosrowshahi gave an upbeat assessment of the company's liquidity position, which he estimated at $4 billion plus and undrawn debt facility of $2 billion by year-end.
- Tiffany & Co (NYSE:TIF) stock was up 1.2% on reports that LVMH had begun buying stock on the open market after the generalized panic in markets earlier in the week left it clearly below the price LVMH has agreed to pay for the company.
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