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Stocks - Starbucks, AMD Soar Premarket; Spotify Falls

Stock Markets Jul 29, 2020 08:11AM ET
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By Peter Nurse 

Investing.com -- Stocks in focus in premarket trade on Wednesday, July 29th. Please refresh for updates.

  • Starbucks (NASDAQ:SBUX) stock rose 5.5% despite reporting a loss during its fiscal third quarter as its same-store sales plunged 40%. The coffee giant raised its full-year earnings guidance despite slightly lowering its outlook for the fiscal fourth quarter. 

  • Shopify (NYSE:SHOP) stock rose 12% after it said gross merchandise value rose by 119% on the year in the second quarter, despite a slowdown in growth from June onward.
  • Boeing (NYSE:BA) stock rose 1.3% despite the aircraft manufacturer posting a second-quarter net loss of $2.4 billion and slowing its aircraft production further. Boeing's stock is down some 47% from the beginning of the year.
  • Advanced Micro Devices (NASDAQ:AMD) stock soared 11% after the chip company reported strong second-quarter earnings after the close Tuesday, announcing that it now expects 2020 revenue to grow about 32% from 2019.

  • Visa (NYSE:V) stock dropped 1.5% after spending on the firm’s cards dropped sharply in the fiscal third quarter, weighed by the shutdowns to travel caused by the coronavirus pandemic.

  • Spotify (NYSE:SPOT) stock fell 4.1% as its losses deepened in the three months ended June 3, despite a jump in its paid subscribers to 138 million.

  • General Electric (NYSE:GE) stock rose 2% despite the conglomerate reporting a quarterly loss, hurt by weakness in its aviation and power units. Industrial free cash flow, the key metric for many of its investors and analysts, was less negative than expected.

  • L Brands (NYSE:LB) stock rose 19% after the embattled retailer announced plans to save about $400 million a year by cutting around 15% of its corporate staff.

  • FireEye (NASDAQ:FEYE) stock jumped 13% after the cybersecurity company posted strong quarterly results; the accelerated transformation to digital and remote work has been a net benefit for the company, making cybersecurity a higher priority for a broader range of clients.

  • Seagate Technology (NASDAQ:STX) stock slumped 8.4% after the disk-drive company reported weaker-than-expected earnings and disappointing guidance.

  • Automatic Data Processing (NASDAQ:ADP) stock fell 5.3% after the payrolls processor predicted a bleak year through June 2021, as hiring slows in the wake of the pandemic. It said revenue will decrease 1% to 4%; adjusted EBIT margin will narrow by roughly 300 basis points, and adjusted diluted EPS will fall by between 13% and 18%.
  • Barclays (LON:BARC)' ADRs (NYSE:BCS) dropped 5.4% after its second-quarter profit plunged as the U.K. bank put aside another 1.6 billion pounds for Covid-19 defaults. This decision means the bank has taken total credit impairment charges of 3.7 billion pounds this year

  • Deutsche Bank (DE:DBKGn)'s (NYSE:DB) ADRs fell 4.3% after Germany's largest bank booked credit loss provisions of 761 million euros, resulting in a net loss attributable of 77 million euros for the second quarter of 2020. The losses were offset by windfall gains in bond and currency trading, and the bottom line is an improvement on the bank’s 3.2 billion euro loss for the same period last year.

  • General Motors (NYSE:GM) stock climbed 3.8% after the automaker posted a smaller than expected second-quarter net loss of $806 million after the forced shutdown that left its North American plants idled. Cash burn of $8 billion was in the middle of the range previously given by the company, which ended the quarter with $30.6 billion in liquidity at its carmaking operations.

  • Rio Tinto ADR (NYSE:RIO) climbed 2% after the miner lifted its mid-year dividend payout despite a 20% fall in its net profit in the second quarter.
  • Anthem (NYSE:ANTM) stock rose 0.7% as the health insurer reported a strong quarter in which net profit doubled from a year ago, while revenue rose 16%. The company trimmed its full-year guidance however.
Stocks - Starbucks, AMD Soar Premarket; Spotify Falls
 

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