Investing.com - Stocks in focus in premarket trading on Wednesday:
•Philip Morris (NYSE:PM) was up 7.8% in premarket trade by 8:20 AM ET (12:20 GMT) after it announced it had ended merger talks with Altria. Altria Group (NYSE:MO) stock gained 4.2%.
• Best Buy (NYSE:BBY) inched up 0.4% after setting a revenue target of $50 billion for fiscal year 2025.
• Nike (NYSE:NKE) jumped 5.2% after its first-quarter revenue and profit beat estimates, helped by a 22% rise in revenue from Greater China.
• Broadcom (NASDAQ:AVGO) slumped 3.6% after it raised $3.2 billion in a convertible preferred stock offering.
• AT&T (NYSE:T) was down 0.2% after its Chief Operating Officer John Stankey told The Wall Street Journal it doesn’t plan to sell its DirecTV satellite TV unit. The WSJ had reported last week that a sell or spin-off was being considered.
• HD Supply (NASDAQ:HDS) was in focus on news that it plans to split into two separate public companies, with one focused on facilities maintenance and the other on commercial and industrial operations.