US Premarket: Amazon, Intel, Apple and other stocks making biggest moves
- Amazon shares surged 12.5% after it reported better-than-expected quarterly revenue
- Roku shares plunged 23.2% after it posted a wider-than-expected quarterly loss
- Chevron added 3.6% after beating top and bottom line estimates for its second quarter
Amazon shares surged 12.5% in the premarket after it reported better-than-expected quarterly revenue and issued a positive outlook. Amazon posted an overall quarterly loss, owing largely to a $3.9 billion negative impact from its investment in electric vehicle maker.
Roku shares plunged 23.2% in premarket action after it posted a wider-than-expected quarterly loss. Its revenue also missed estimates. Roku issued a weaker-than-expected outlook as both ad sales and sales of its video streaming devices remain under pressure.
Shares of the chip maker tumbled 11.2% in the premarket after it reported quarterly profit and revenue below the Wall Street forecasts. Revenue declined compared to a year ago period and was its largest in more than a decade. Its guidance for the ongoing quarter fell short of forecasts. Intel cited supply chain disruptions and delays in the rollout of new data center chips among the factors weighing on results.
Chevron added 3.6% in the premarket after beating top and bottom line estimates for its second quarter and raising the top end of its share buyback guidance to $15 billion from the prior $10 billion.
Procter & Gamble (PG)
Shares of the consumer products giant fell 3.6% in the premarket after it missed estimates by a penny per share, with a quarterly profit of $1.21 per share. Revenue exceeded estimates. Procter & Gamble predicts organic sales growth of 3% to 5% for the current financial year, the slowest since 2019 as consumers grow more cautious.
Exxon Mobil (XOM)
Exxon Mobil jumped 2% in the premarket action after the company reported a better-than-expected profit for the second quarter. Strong margins along with higher prices for oil and natural gas supported the growth.
Apple jumped 2.3% in premarket trading after reporting quarterly results that exceeded Wall Street forecasts. Earnings declined compared to corresponding quarter, but Apple iPhone sales continue to grow.
Newell Brands (NWL)
Newell Brands' stock fell 2.9% in premarket action after it released weaker-than-expected current-quarter and full-year guidance amid a weak macroeconomic environment. However, the parent of consumer brands like Sunbeam, Mr. Coffee, and Crockpot reported better-than-expected earnings for its latest quarter.