UPS, General Motors, Coca-Cola Rise Premarket; 3M, HSBC Fall
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, October 25th. Please refresh for updates.
UPS (NYSE: UPS) stock rose 3.5% after the parcel service reported a rise in third-quarter adjusted profit as higher delivery prices offset softening e-commerce demand, while reaffirming its outlook for 2022.
General Motors (NYSE: GM) stock rose 4.7% after the auto manufacturer reported a higher quarterly profit, and reaffirmed its full-year outlook.
Coca-Cola (NYSE: KO) stock rose 2.8% after the soft drinks giant raised its annual revenue forecast, banking on demand amid multiple price increases taken to blunt the impact of surging cost.
3M Company (NYSE: MMM) stock fell 2.8% after the industrial conglomerate reported a 4% fall in quarterly revenue, hurt by shrinking overseas earnings due to a stronger dollar and impact from divestitures.
Halliburton (NYSE: HAL) stock rose 2.2% after the oilfield services provider posted a rise in profit for the third quarter, helped by strong demand fueled by higher oil prices.
- Biogen (NASDAQ: BIIB) stock rose 1.2% after the drugmaker raised its full-year profit forecast for the second straight quarter, driven by its efforts to cut costs.
Tesla (NASDAQ: TSLA) stock fell 0.7% after Morgan Stanley cut its target price on the electric car manufacturer to $330 from $350, keeping its ‘overweight’ rating, while warning of “unexpected headwinds” ahead.
Meta Platforms (NASDAQ: META) stock rose 0.5% after its popular messaging app WhatsApp slowly came back online, with some users in India, Asia and the United Kingdom saying they were able to send and receive some messages and videos after it suffered a global outage earlier Tuesday.
- Ross Stores (NASDAQ: ROST) stock rose 2.3% after Wells Fargo upgraded its stance on the discount store to 'overweight' from 'equal-weight'. saying it's one of the best ways investors can get in on the off-price retail trade.
Adidas (OTC: ADDYY) ADRs rose 0.4% after the German sportswear company ended its partnership with Kanye West, after the American rapper and designer made what Adidas described as antisemitic comments.
Waste Management (NYSE: WM) stock rose 1.2% after Jefferies assumed coverage of the environmental services company with a ‘buy’ rating, saying it is in a good position to ride out a recession.
HSBC (NYSE: HSBC) ADRs fell 6.2% after the London-based bank gave a cautious outlook and reported higher-than-expected charges for possible loan losses in the third quarter, while also announcing a surprise change at chief financial officer.
UBS (NYSE: UBS) stock rose 5.5% after the Swiss banking giant beat quarterly expectations, helped by strong activity among its institutional clients, as well as benefits from rising interest rates and cost controls.