Tesla, AT&T and Bed Bath&Beyond fall premarket; IBM rises
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, April 20th. Please refresh for updates.
Tesla (NASDAQ: TSLA) stock fell 7% after the EV manufacturer’s first-quarter gross margin missed market expectations due to aggressive price cuts for its vehicles.
AT&T (NYSE: T) stock fell 4.6% after the telecommunications giant missed first-quarter revenue expectations, signaling intense competition from deep-pocketed rivals.
IBM (NYSE: IBM) stock rose 1.2% after Big Blue beat estimates for first-quarter profit and signaled resilient demand for IT services.
Las Vegas Sands (NYSE: LVS) stock rose 5.5% after the casino operator reported better-than-expected quarterly revenue, helped by increased hotel occupancy.
Taiwan Semiconductor Manufacturing (NYSE: TSM) stock rose 0.5% after the chip maker reported slightly stronger-than-expected net income in the first quarter as some resilience in global chip demand helped fuel stronger sales.
Alaska Air (NYSE: ALK) stock fell 1.5% after the carrier reported a bigger-than-expected quarterly loss as higher expenses related to labor and fuel dented the carrier's margins.
Bed Bath & Beyond (NASDAQ: BBBY) stock fell over 25% with the Wall Street Journal reporting that the troubled retailer is preparing to file for bankruptcy as early as this weekend.
American Express (NYSE: AXP) stock fell 1.5% after the credit card giant’s first-quarter profit missed estimates as it set aside more money to cover potential losses stemming from cardholders falling behind on their debt repayments.
Blackstone (NYSE: BX) stock fell 1.1% after the asset manager reported that its first-quarter distributable earnings fell 36% year-on-year, as a weak property market stopped it from cashing out on some holdings.
Philip Morris (NYSE: PM) stock fell 1.3% after the tobacco giant cut its full-year profit forecast, hit by rising tobacco leaf prices and energy and labor costs.