Tesla, Alcoa. Ericsson Fall Premarket; AT&T, IBM, American Airlines Rise
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, October 20th. Please refresh for updates.
Tesla (NASDAQ: TSLA) stock fell 4.8% after the electric car manufacturer admitted it was unlikely to reach its delivery targets this year, with fourth-quarter deliveries seen growing by less than the aimed 50%.
AT&T (NYSE: T) stock rose by 2.3% after the wireless carrier raised its annual profit forecast, buoyed by strong demand for its phone and internet services and as more customers upgraded to 5G plans.
American Airlines (NASDAQ: AAL) stock rose 2.6% after the carrier forecast a significant profit in the December quarter, helped by a strong rebound in travel as the demand shows no signs of cooling.
IBM (NYSE: IBM) stock rose 4% after the IT software and services provider said it expects to exceed full-year revenue growth targets, citing robust demand for its digital services.
Philip Morris (NYSE: PM) stock rose 1.6% after the tobacco giant raised its buyout offer for Swedish Match in an effort to get shareholder support for its $16 billion move.
Alcoa (NYSE: AA) stock fell over 10% after the aluminum producer reported a surprise third-quarter loss as higher costs and lower metal prices weighed.
Blackstone (NYSE: BX) stock fell 0.6% after the asset manager said its third-quarter distributable earnings fell 16% year-on-year, owing to a sharp drop in asset sales amid a downturn in the market.
Ericsson (NASDAQ: ERIC) ADRs fell 14% after the Swedish telecommunications company posted lower-than-expected third-quarter core income and flagged a hike in restructuring costs.