Stocks – Adobe, iHeartMedia, Barclays Up in Premarket; Broadcom Down

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© Reuters. © Reuters. — Stocks in focus in premarket trade on Friday, 13th December.

  • Broadcom (NASDAQ:) stock was down 1.6% after the company reported a lacklustre end to its fiscal year. Promises that the current year would be better were shrugged off.
    • Tapestry (NYSE:) stock was unchanged after the luxury goods company said Kate Spade CEO Anna Bakst will leave at year-end, after less than two years on the job. Kate Spade reported a 16% drop in comparable store sales in Tapestry’s latest quarterly earnings.
  • Oracle (NYSE:) stock fell 2.3% after posting disappointing quarterly revenue. The company also said after the bell on Thursday that it won’t replace Mark Hurd as co-CEO, leaving Safra Catz in sole charge of the company.
  • Adobe (NASDAQ:) stock rose 2.5% after strong Cloud subscription revenue helped quarterly profit beat expectations. Revenue fell slightly short, however.
    • iHeartMedia stock (NASDAQ:) rose 7.8% on the back of reports that John Malone’s Liberty Media (NASDAQ:) wants to raise its stake in the company from the current 4.8%
    • Barclays ADR (NYSE:) and Lloyds Banking (LON:) Group (NYSE:) ADRs both surged, by 8.5% and 8.8% respectively, after the U.K. election resulted in a resounding win for Boris Johnson’s Conservative Party.
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