Stocks – Cisco, Exxon Fall in Premarket; Rolls-Royce Rises

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By Geoffrey Smith — Stocks in focus in premarket trading on Friday, February 28th.

  • Cisco Systems (NASDAQ:) stock fell 2.6% after the Wall Street Journal reported that the company is planning a new round of layoffs due to the high uncertainty over the economic outlook.
  • Foot Locker (NYSE:) stock fell 0.9%, outperforming the broader market, after the retailer reported better-than-expected earnings for the fourth quarter.
  • Adjusted earnings per share came in at $1.63 rather than the $1.59 expected, and the positive surprise outweighed other negative lines such as falling gross margins and a miss on revenue.
  • Rolls-Royce (LON:) ADRs surged 6.2% after the aero engine maker said it was confident that the worst of the problems with its Trent 1000 engine was behind it.
  • Chief Executive Warren East said the roll-out of fixes was progressing and he had increased confidence in a new blade design due next year.
  • The number of aircraft on the ground for repair would fall to fewer than 10 by end of June, in line with forecasts, he said.
  • Exxon Mobil (NYSE:) stock fell 1.5% to its lowest since 2004 amid ongoing pressure on crude oil prices. futures fell over 3% at one stage on Friday and are on course for a weekly loss of 15%.
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