US Premarket: Whirlpool, Verizon, Snap and other stocks making biggest moves

Whirlpool (WHR)

Whirlpool’s stock slipped 4.4% in premarket trading after
the company’s profit and revenue for the latest quarter came in below market
estimates. The appliance maker also issued a weaker-than-expected forecast amid
softer demand and reduced production.

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American Express (AXP)

Shares of the financial services company fell 4.7% in the
premarket after it reported a quarterly profit of $2.47 per share, 6 cents
above estimates, with revenue also topping Wall Street forecasts. American
Express also raised its full-year forecast, amid an increase in customer
spending, and a surge in the amount in reserve for potential defaults.

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Snap (SNAP)

The parent company of Snapchat slumped 28.2% in premarket
action after projecting no revenue growth for the current quarter. The slowdown
in the digital ad market leads to losses for stocks of other companies
dependent on ad revenue including Pinterest (PINS) sliding 7.5%, Meta Platforms
(META) losing 3.5%, Alphabet (GOOGL) off 1.7%, and Twitter (TWTR) sliding 6.9%.

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Verizon (VZ)

Verizon fell 2.92% in premarket trading after reporting
adjusted quarterly earnings of $1.32 for the third quarter, beating the
consensus estimate by 3 cents. Revenue also exceeded market expectations. The
company also reported a smaller number of postpaid net phone ads than expected,
stating that it had predicted some negative impact from soaring prices.

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CSX (CSX)

Shares of the rail operator’s surged 5.2% in the premarket
after the company reported better-than-expected results for the third quarter,
helped by higher shipment values and higher prices.

Tenet Healthcare (THC)

Shares of the hospital operator tumbled 18% in premarket
trading after issuing a weaker-than-expected forecast. The company said it is
working to recover from a cyber attack earlier this year and a Covid-19 surge
among its workers.

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Veris Residential (VRE)

Veris jumped 13.5% in the premarket after a Wall Street
Journal report that the owner of New Jersey rental apartments is the object of
an unsolicited takeover bid by rival Kushner Cos. The bid is estimated to be
worth $16 per share, compared with yesterday’s $12.42 closing price.

Under Armour (UAA)

Shares of the athletic apparel maker shed 2.6% in premarket
action after Telsey Advisory Group downgraded it to market perform from
outperform. Telsey is basing its call on elevated inventory levels at rivals
like Nike (NKE) and Adidas, although it said that Under Armour’s inventories
are lower than its competitors.

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Intercontinental Hotels (IHG)

Shares of the parent of Holiday Inn fell 4.2% in premarket
action after news that Chief Financial Officer Paul Edgecliff-Johnson is
resigning to join bookmaking company Flutter Entertainment.