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Vlad Tenev, CEO and co-founder of Robinhood Markets, Inc., is displayed on a screen during his company’s IPO at the Nasdaq Market site in Times Square in New York City, U.S., on July 29, 2021. |
Take a look at the companies that made news in premarket trading on Friday.
Apple — Apple's shares fell 2% as CFO Luca Maestri predicted supply chain difficulties might cost the company $8 billion in the third quarter. Despite this, many Wall Street analysts remained bullish on the firm following its previous earnings release, which exceeded forecasts. Any downturn in the stock, according to one expert, is a buying opportunity.
Amazon – shares fell more than 9% after the company issued sales estimates for the second quarter that was lower than expected. The IT behemoth also lost $7.6 billion on its investment in Rivian, which saw its value plummet by more than half in the quarter.
Roku is a streaming media player. Roku's stock jumped more than 4% after the digital media player maker reported revenues that were above forecasts in the most recent quarter on Thursday. Roku made $733.7 million in revenue. Refinitiv surveyed analysts, who predicted $718 million.
Intel — shares plummeted more than 3% as the company announced a dovish outlook for the fiscal second quarter, overshadowing better-than-expected results from the prior quarter.
Robinhood – Following a first-quarter report that revealed falling revenue and monthly active users, the retail brokerage stock fell about 10%. When the market plummeted, the company's clients with smaller accounts traded less, according to CEO Vlad Tenev.
Alibaba, Pinduoduo, and Baidu are three of the most popular Chinese search engines. China's technology stocks soared as authorities indicated that the country's anti-tech campaign will be eased. Alibaba increased by more than 10%, Pinduoduo increased by 15%, and Baidu increased by more than 8%.
Bristol-Myers Squibb is a pharmaceutical company based in the United States. Despite an earnings report that exceeded forecasts, the biotech stock fell 1.5 percent. Bristol-Myers Squibb reported earnings of $1.96 per share on $11.65 billion in revenue on Friday. According to Refinitiv, the business was expected to earn $1.91 per share on $11.36 billion in revenue.
Honeywell International is a multinational corporation based in the United States. Honeywell's stock soared 2% after the company posted results that were above forecasts. Honeywell reported earnings of $1.91 per share on $8.38 billion in sales. Meanwhile, Refinitiv polled analysts who predicted $1.86 profits per share on $8.29 billion in sales.
Chevron (Chevron) — Even though Chevron reported better-than-expected performance for the prior quarter, shares fell 1%. Chevron reported $3.36 profits per share on $54.37 billion in sales. Refinitiv surveyed analysts, who predicted $3.27 earnings per share on $47.94 billion in sales.
Exxon Mobil – The oil and gas company's stock price fell 1% after it published weaker-than-expected quarterly earnings. The oil firm earned $2.07 per share, which was less than the $2.12 per share expected by Refinitiv. Exxon Mobil reported $90.5 billion in sales, compared to $92.7 billion predicted by Refinitiv.
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