Alphabet, Microsoft, Mattel, Skechers Fall Premarket; Kraft Heinz Rises
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, October 26th. Please refresh for updates.
Alphabet (NASDAQ: GOOGL) stock fell over 6% after the Google parent reported disappointing ad sales as advertisers cut back on their spending in the face of an economic slowdown.
Microsoft (NASDAQ: MSFT) stock fell 6.4% after the software giant forecast revenue growth in its closely watched Azure cloud-computing business will drop substantially in the current period from the prior quarter.
Kraft Heinz (NASDAQ: KHC) stock rose 3.5% after the food company beat third quarter sales estimates, as higher product prices offset pressure from reduced demand for its packaged meals and condiments.
Mattel (NASDAQ: MAT) stock fell 5% after the toymaker cut its annual profit forecast and said it would ramp up promotions heading into the busy holiday season as red-hot inflation hit discretionary spending.
- Boeing (NYSE: BA) stock rose 1.4% after the planemaker stuck to its forecast of generating cash this year despite struggling to raise commercial jet production due to labor and supply shortages and taking a $2.8 billion charge.
Texas Instruments (NASDAQ: TXN) stock fell 5.9% after the chipmaker forecast fourth quarter revenue and profit below estimates as it expects demand across most of its end markets to decline.
Skechers (NYSE: SKX) stock fell 14% after the casual footwear retailer missed third quarter earnings estimates and posted below-consensus guidance.
Visa (NYSE: V) stock rose 2% after the credit card giant reported better-than-expected quarterly earnings as more Americans took advantage of a stronger dollar to travel and entertain more.
Bed Bath & Beyond (NASDAQ: BBBY) stock fell 2.27% after the retailer named Sue Gove as its president and chief executive officer. Gove had been serving as the interim CEO since June this year.
Harley-Davidson (NYSE: HOG) stock rose 3.7% after the motorcycle maker reported a 38% jump in quarterly profit as higher shipments and strong pricing allowed the company to navigate cost inflation.
General Dynamics (NYSE: GD) stock rose 0.9% after the Gulfstream jet maker reported a rough 5% rise in its third quarter profit, fueled by strong demand for chartered flights.