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Tuesday, May 21, 2024

GOOGL, AMD, SBUX and other stocks

Are you interested in what’s going on with some of the biggest companies in the stock market? Well, we’ve got the scoop on some of the top headlines before the bell.

Alphabet, the parent company of Google, saw a 5.2% decline in its stock after reporting disappointing fourth-quarter advertising revenue. While they beat Wall Street’s expectations for overall earnings, their advertising revenue fell short of analyst predictions.

On the other hand, Paramount Global’s stock surged over 13% in premarket trading after news of a $14.3 billion takeover offer by billionaire entrepreneur Byron Allen. This deal values Paramount at about $30 billion, including debt and equity.

The semiconductor company Advanced Micro Devices (AMD) saw a 4.3% drop in its shares after posting fourth-quarter earnings in line with consensus expectations. However, their first-quarter forecast was softer than expected, leading to investor concern.

Microsoft beat expectations for its fiscal second quarter earnings, but issued a lighter-than-expected third-quarter revenue outlook. This caused a slight dip in their stock but nothing too drastic.

Boeing, on the other hand, gained 1.3% after narrowing its losses and reporting better-than-expected revenue. The company is also dealing with fallout from a recent fuselage panel blowout incident, so financial targets are not at the forefront right now.

Starbucks had a disappointing financial update for its fiscal first quarter, with earnings per share and revenue both falling below analyst expectations. However, the stock has since recovered and is now higher by 4.7%.

Tesla saw a 2.9% drop in its shares after a Delaware judge rejected CEO Elon Musk’s $56 billion pay package. The judge stated that the company’s board of directors failed to prove that the compensation plan was fair.

Mondelez International’s stock dropped 4.4% after reporting a slowdown in growth for the fourth quarter and predicting muted growth in comparable sales for 2024. However, they did post a beat on fourth-quarter adjusted earnings per share and in-line revenue.

SoFi Technologies lost 3.1% on the heels of a Morgan Stanley downgrade to underweight from equal weight. The downgrade was due to revenue headwinds and execution risks that could hamper profitability goals.

On a positive note, Manhattan Associates surged 11% premarket after fourth quarter earnings and revenue exceeded analysts’ highest estimates. They also issued first quarter financial guidance that surpassed expectations.

So, that’s the latest roundup of premarket stock movements. It’s always interesting to see how these big companies are faring in the market. Keep an eye on these developments as they could have an impact on the overall market landscape.

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