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Wednesday, May 29, 2024

Premarket Watch: INTC, TMUS, AXP Stocks Experience Significant Movement

It’s time to catch up on the latest market news! Here are the companies making headlines before the bell:

Intel: The chipmaker saw a more than 10% drop in their stock after issuing lower-than-expected first-quarter guidance. The company’s revenue is now expected to be in the range of $12.2 billion to $13.2 billion, falling short of the $14.16 billion forecasted by analysts.

American Express: Despite weaker-than-expected fourth-quarter results, the company’s shares rose by 3% after issuing full-year guidance that exceeded expectations. American Express is anticipating earnings between $12.65 to $13.15 per share, surpassing the consensus estimate of $12.38 per share.

T-Mobile: The telecommunications company saw a 2% decline in their stock after posting mixed fourth-quarter results. While revenue exceeded forecasts at $20.48 billion, earnings per share fell short at $1.67, compared to the expected $1.91.

Western Digital: Despite surpassing revenue expectations, Western Digital shares fell by about 4%. The company also reported a smaller-than-expected loss per share and offered a strong fiscal third-quarter outlook, but still experienced a drop in stock value.

KLA Corporation: The semiconductor equipment maker declined by 4% after issuing light fiscal third-quarter guidance, despite surpassing Wall Street earning and revenue expectations for the recent quarter.

Visa: Visa’s stock declined by 3% even after topping quarterly estimates. The company adjusted its operational expenditures guidance higher and reported a slow in payments volumes in January.

Snap: Shares of Snap jumped by 3% after Deutsche Bank upgraded the company to a buy rating from hold, citing strong catalysts towards upwards revenue and EBITDA revisions.

Levi Strauss: Shares of the denim maker fell by nearly 2% in premarket trading after the company reported weaker-than-expected revenue for the fourth quarter and announced plans to lay off 10% to 15% of its global corporate workforce.

Coinbase: The crypto services company gained more than 4% Friday morning, helped by a lift in the price of bitcoin and an upgrade from Oppenheimer to outperform from perform.

Colgate-Palmolive: The company’s stock hovered near the flatline after posting fourth-quarter results that came in slightly ahead of Wall Street’s estimates, with an outlook of expected net sales growth between 1% and 4% for the full year.

Capital One Financial: The financial stock fell by more than 1% after reporting a decline in earnings for the fourth quarter, with the quarter including a special assessment from the Federal Deposit Insurance Corporation that lowered earnings per share.

Now that you’re all caught up, keep an eye on these companies as they continue to navigate through the market. Stay tuned for more updates!

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