By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, May 5th. Please refresh for updates.
General Motors (NYSE:GM) stock rose 3.3% after the auto giant said its first-quarter profit jumped to $3 billion, despite a global semiconductor chip shortage that has shuttered some of its plants.
Hilton Worldwide (NYSE:HLT) stock fell 2.1% after the hotel chain posted a quarterly loss on Wednesday as bookings were hurt by travel restrictions and people continued to shelter in place due to the COVID-19 pandemic.
T-Mobile US (NASDAQ:TMUS) stock rose 2.8% after the wireless carrier raised its full-year postpaid subscriber net additions forecast after easily beating first-quarter estimates, boosted by robust demand for its 5G services from people working remotely.
Activision Blizzard (NASDAQ:ATVI) stock rose 5.4% after the video game maker easily surpassed expectations with its first-quarter earnings, thanks to its popular “Call of Duty” and “Candy Crush” franchises.
Lyft (NASDAQ:LYFT) stock rose 5.7% after the ride-hailing company reported a smaller than expected first-quarter loss, inching the business closer toward profitability as the economy reopens.
Zillow (NASDAQ:Z) stock gained 2.9% after the online residential real estate company beat first-quarter expectations thanks to continued strength in the housing market.
Caesars (NASDAQ:CZR) stock rose 5.9% after the casino operator reported a smaller-than-expected loss for the first quarter, while its revenue was above estimates as their sites gradually reopened.
BorgWarner (NYSE:BWA) stock rose 2% after the U.S. auto parts maker said its quarterly earnings per share almost doubled from a year ago, helped by higher demand for new automobiles during the coronavirus crisis.
Match Group (NASDAQ:MTCH) stock rose 5.7% after the online dating firm, which owns Tinder, among other sites, reported first-quarter earnings and revenue that topped estimates, swinging to a profit.
New York Times (NYSE:NYT) stock rose 1.9% after the newspaper reported better-than-expected quarterly revenue on Wednesday, as more people bought digital subscriptions for its news and entertainment products.
ConocoPhillips (NYSE:COP) stock rose 2.4% after Bank of America (NYSE:BAC) upgraded its investment stance on the oil major to ‘buy’ from ‘neutral’, citing higher pol prices and the potential for larger returns to shareholders.