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Investing.com - Stocks in focus in premarket trading on Wednesday:
• GameStop (NYSE:GME) stock slumped 30% by 8:15 AM ET (12:15 GMT) after it reported a double-digit decline in sales and eliminated its dividend to preserve cash, under pressure from a sustained shift away from console-based games to streamed and downloaded ones.
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• Salesforce.com (NYSE:CRM) stock rose 3.8% after it reported better-than-expected earnings and guidance for the 2020 fiscal year, profiting from a broader product mix and from rising demand for the services of newly-acquired MuleSoft.
• Fiat Chrysler (NYSE:FCAU) stock fell 0.9% in line with the broader Italian market after the EU said it would open disciplinary proceedings against Italy for breaching budget rules. Meanwhile, its bid to buy automaker Renault (PA:RENA) is still being discussed by the French company's board.
• Pivotal Software (NYSE:PVTL), majority owned by Dell Technologies, plunged 28% after posting weak guidance for the second-quarter and fiscal year. It's now below the price it listed at last year.
• Campbell Soup Company (NYSE:CPB) stock was up 4.8% after its earnings beat Wall Street forecasts and it raised its full-year earnings outlook.
• Cronos (NASDAQ:CRON) stock surged 9% after Bank of America/Merrill Lynch upgraded its stock to buy from underperform on the possibilities of the cannabis producer’s U.S. expansion.
• Apple (NASDAQ:AAPL) stock was up 2.4%, helped by reports that it plans to ask developers to put its “sign in with Apple” button in apps above rival buttons from Google (NASDAQ:GOOGL) and Facebook (NASDAQ:FB), according to Reuters.
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