Amazon, Robinhood Slump in Premarket; Apple, Exxon, Bristol Myers-Squibb Fall

2022.04.29 16:30

By Geoffrey Smith 

Investing.com — Stocks in focus in premarket trade on Friday, 29th April. Please refresh for updates.

• Amazon (NASDAQ:AMZN) stock fell 10% after the Internet platform company reported its slowest growest ever for its core e-commerce sales and a $3.8 billion net loss due to the markdown of its stake in Rivian Automotive. Cloud hosting services continued to grow at over 20%, but advertising technology sales growth also slowed.
• Apple (NASDAQ:AAPL) stock fell 2.0% despite the iPhone maker eking out a small beat with regard to quarterly earnings and revenue, thanks to strong iPhone and services sales. The company also raised its dividend 5% and approved another $90 billion in buybacks but the market zeroed in on a warning about of bigger supply chain problems in the current quarter.
• Intel (NASDAQ:INTC) stock fell 3.7% after the chipmaker guided for revenue and profit below street forecasts in the current quarter. It kept its full-year targets unchanged however and also managed to exceed forecasts for the first quarter.
• Robinhood (NASDAQ:HOOD) stock fell 9.9% after the online brokerage reported a 39% drop in revenue from a year earlier and said it will no longer provide revenue guidance. The company also let go 9% of its workforce after a quarterly loss of $392 million.
• Tesla (NASDAQ:TSLA) stock rose 2.4%, bouncing after Elon Musk said he didn’t intend to sell any more stock to fund his purchase of Twitter (NYSE:TWTR). Twitter stock edged up 0.6%, but still traded 10% below Musk’s offer, reflecting ongoing skepticism about the deal going through.
• Exxon Mobil (NYSE:XOM) stock fell 1.3% after taking a $3.4 billion charge on its Sakhalin-1 venture in Russia’s Far East. Underlying earnings also fell a little short of expectations, but the company still tripled its buyback program, to as much as $30 billion by the end of 2023.
• Chevron (NYSE:CVX) stock fell 0.8% after the company chose to flag any further increases in shareholder returns in the immediate future, despite its net profit almost quadrupling in the first quarter due to high oil prices.
• U.S. Steel (NYSE:X) stock rose 2.0% as the company issued an upbeat outlook after its first-quarter profit beat expectations by around 3%.
• Bristol-Myers Squibb (NYSE:BMY) stock fell 5.1% after the drug company lowered its full-year earnings guidance by around 3%, due in part to lower sales estimates for its Revlimid cancer drug.
• Roku (NASDAQ:ROKU) stock rose 3.9%, continuing to benefit from a Bank of America note on Thursday describing its troubles as “transitory”. The maker of streaming devices’ earnings was largely in line with expectations.

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