Stocks – Oil Producers Extend Rebound in Premarket; Crowdstrike Surges

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 By Geoffrey Smith — Stocks in focus in premarket trade on Friday. A strong overnight bounce in futures is fading slightly, but main indices are still called to open higher.

  • Altria (NYSE:) stock was up 1.4%, underperforming the broader market, after the company confirmed its CEO has tested positive for the Covid-19 virus
  • Crowdstrike stock was up 19.3% after the cybersecurity firm reported a quarterly loss of 2 cents per share, much less than the 8 cents a share expected by analysts.
  • Crowdstrike also gave an upbeat outlook, saying that the increased spread of work from home was likely to support billings.
  • Exxon Mobil (NYSE:) stock was up 1.7% after the Texas Railroad Commissioner Ryan Sitton proposed a return to regulating domestic oil output in order to support crude prices.
  • Such a measure would benefit smaller, independent players, partly at the expense of the integrated majors.
  • Upstream independents Diamondback Energy (NASDAQ:) and Devon Energy (NYSE:) were up just under 5%, while Occidental Petroleum (NYSE:) was up 4.3% and Apache (NYSE:) was up 5.5%.
  • Uber  (NYSE:) stock was up 9.8% after CEO Dara Khosrowshahi gave an upbeat assessment of the company’s liquidity position, which he estimated at $4 billion plus and undrawn debt facility of $2 billion by year-end.
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