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Stocks - Zoom, Exxon Mobil Fall in Premarket

Published 03/05/2020, 08:38 AM
Updated 03/05/2020, 08:46 AM
© Reuters.

By Geoffrey Smith

Investing.com -- Stocks in focus in premarket trade on Thursday, March 5th. Please refresh for updates

  • 8:39 AM ET: Zoom Video (NASDAQ:ZM) Communications stock fell 7.3% as the market reined in its expectations for the company after its quarterly earnings report. Zoom’s earnings came in at more than double consensus forecasts, while revenue was also nearly 10% ahead expectations.

  • Its guidance for the first quarter and full year were also higher than Wall Street’s best guesses, but the stock is prone to profit-taking after rising over 50% in barely a month since the coronavirus outbreak began.

  • Analysts expect it to cash in on a likely boom in remote meetings as businesses clamp down on travel plans due to the virus.

  • Exxon Mobil (NYSE:XOM) stock fell 2.4% after the company reiterated its capital spending plans for the next five years, and upholding its forecast of producing 1 million barrels a day from the Permian basin in Texas by 2024.

  • Oil and gas stocks in general were under pressure, as doubt prevailed over the ability of OPEC to persuade Russia to sign up to an output cut of 1.5 million barrels a day.

    • 8:47 AM ET: HP Inc (NYSE:HPQ) stock fell 2.0% after the maker of printers and other office hardware rejected an improved offer from rival Xerox (NYSE:XRX).
    • "The Xerox offer would leave our shareholders with an investment in a combined company that is burdened with an irresponsible level of debt and which would subsequently require unrealistic, unachievable synergies that would jeopardize the entire company," HP chairman Chip Bergh said.
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    • 8:53 AM ET: Airline stocks tumbled after the International Air Travel Association nearly quadrupled its estimate of what the coronavirus could cost the global industry in lost revenue this year.
    • Under a worst-case scenario, airlines in the U.S. and Canada could lose up to $21 billion, the IATA said.
    • American Airlines (NASDAQ:AAL) stock fell 4.8%, while Delta Air Lines (NYSE:DAL) stock fell 4.4% and United Airlines (NASDAQ:UAL) stock fell 3.3%.
    • Southwest Airlines (NYSE:LUV), which warned that it expects a hit of about $300 million to first-quarter revenue, fell 2.4%. JetBlue (NASDAQ:JBLU) stock fell 4.1%

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