Twitter, Uber Rise Premarket – PayPal Falls

Stocks in focus in premarket trade on Tuesday, November 3rd.

PayPal stock fell 5.6% after the online payments operator cut its revenue forecast to reflect a sharp slowdown in user growth in the third quarter.

Twitter stock rose 1.4% after CEO and Founder Jack Dorsey survived pressure from activist investor Elliott Management to unseat him.

Cirrus Logic stock soared 7.8% after the semiconductor supplier beat expectations with its fiscal second-quarter earnings, while also announcing the appointment of a new CEO.

Uber stock rose 0.9% and Lyft stock rose 1.4% as investors expect California voters on Tuesday to pass a proposal that would allow the ride-sharing companies to maintain their current business model and not force them to offer drivers employee status.

Royal Caribbean stock fell 0.4% after the cruise operator said on Monday it would stop all its cruises through the end of the year, extending previous suspensions, as coronavirus infections continue to increase globally.

Walmart stock rose 0.9% after the Wall Street Journal reported that the retail giant has cut ties with Bossa Nova Robotics, which made robots that scanned shelves for inventory, using human workers instead.

Humana stock rose 1.6% after the health insurer beat expectations for both quarterly profit and revenue . However, it also forecast a current-quarter loss due to a resumption of payouts for medical procedures that had been delayed due to the pandemic.

Thomson Reuters stock rose 0.9% after the news and information provider reported higher revenue for the third quarter and raised its full year free cash flow outlook for 2020.

Jazz Pharmaceuticals stock rose 7.3% after the company reported strong quarterly figures, while the drugmaker raised its full-year revenue forecast.

McKesson stock rose 3.2% after the pharmaceutical distributor posted strong quarterly numbers, helped by strong demand for virus tests and personal protective equipment. It also increased its full-year guidance.

Wayfair stock soared 12% after the e-commerce home retailer reported a net profit in its third-quarter earnings, overturning the loss from the previous quarter. Membership numbers grew by a little more than 50% from a year ago.

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