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Investing.com — Stocks in focus in premarket trade on Wednesday, 18th December. Please refresh for updates.

  • 7:45 AM ET: FedEx (NYSE:) stock was down 7.6% after publishing a 40% drop in profit in its fiscal second quarter, due in part to Amazon.com (NASDAQ:) pivoting from customer to rival in the delivery space. Revenue fell 3% to $17.3 billion, also short of consensus forecasts.
  • FedEx (NYSE:) also cut its full-year earnings per share forecast by nearly 10% to a range around $10.88 a share.
  • 08:25 AM: Pacific Gas & Electric (NYSE:) stock rose 11.6% after a California court approved its draft $13.5 billion settlement with victims of wildfires caused by its faulty equipment in 2017 and 2018. The court also approved an $11 billion settlement with insurers who picked up the tab for the ensuing claims.
  • The company’s way out from chapter 11 bankruptcy is still littered with obstacles, however. California Governor Gavin Newsom has said the company’s plan doesn’t meet the state’s requirements for a new scheme that would partially protect utilities against future wildfire damage if they operate safely.
  • A rival plan to exit bankruptcy drafted by bondholders has also met with rejection by the state.
    • 8:11 AM ET: Tesla (NASDAQ:) inched up 0.1% after Bloomberg reported that it is considering cutting prices for its Chinese-made cars by 20% next year, in part by sourcing more parts locally so as to avoid import tariffs.
  • 07:57 AM ET: General Mills (NYSE:) stock was up 2.5% after the maker of Cheerios reported a 7% rise in operating profit in constant currencies.
  • Net earnings per share rose more sharply, reflecting high restructuring costs a year earlier. Organic net sales rose only 1%, however, leaving revenue nearly flat at $4.4 billion.
  • The company reaffirmed its guidance for the full fiscal 2020 year.
    • 7:50 AM Fiat Chrysler Automobiles (NYSE:) ADRs were down 0.9% after the company agreed merger terms with France’s Peugeot (PA:). Under the agreed deal, FCA shareholders will still get their 5.5 billion euro ($6.1 billion) special dividend before completion.
  • In addition, the company will cancel all double voting rights currently held by strategic shareholders, a move which will limit the French government’s influence. Strategic shareholders in the combined group will receive new double voting rights after three years.
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