Stocks – Uber, Netflix Slump Premarket; Tapestry, Adobe Rise

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© Reuters. © Reuters. – Stocks in focus in premarket trading on Tuesday:

• Uber (NYSE:) stock slumped 7.1% in premarket trade by 8:20 AM ET (11:20 GMT) after the ride-sharing company failed to narrow its underlying losses significantly in the last quarter. The company said it will reach profitability on an EBITDA basis in 2021.

• Netflix (NASDAQ:) stock slipped 1.1% as the Walt Disney Company (NYSE:) announced that its Disney+ streaming service will feature a permanent library, instead of rotating shows.

• Tapestry (NYSE:) stock gained 1.8% after the Coach owner topped estimates due to overseas demand for its handbags.

• Shake Shack (NYSE:) stock tumbled 17.5% after it reported weak same-store sales and cut its forecast for the year, due in part to cutting its delivery partners to focus on cooperating with Grubhub (NYSE:), something that will cost it sales through other channels. Third-quarter earnings came in higher than expected.

• Adobe (NASDAQ:) stock gained 4.9% after the software company beat forecasts.

• Groupon (NASDAQ:) stock declined 8.7% after its earnings came in below forecasts due to slowing customer traffic and a drop in international sales.

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