PepsiCo, McDonald's and Spotify rise premarket; First Republic slumps
Investing.com -- Stocks in focus in premarket trade on Tuesday, April 25th. Please refresh for updates.
First Republic Bank (NYSE: FRC) stock slumped 21% after the regional lender saw $100 billion in customer withdrawals last month, fuelling concerns that it will need to offload its mortgage portfolio at a heavy loss to cover the outflows.
PepsiCo (NASDAQ: PEP) stock rose 1.7% after the soft drinks colossus lifted its annual profit guidance after price rises helped it overcome a jump in input expenses to post better-than-expected first-quarter earnings.
Verizon Communications (NYSE: VZ) stock fell 0.8% after the telecoms giant missed first-quarter revenue estimates and reported wireless subscriber losses as a pandemic-led boom in demand fizzled out.
United Parcel Service (NYSE: UPS) stock fell 4.4% after the delivery company said it expects full-year revenue to be at the lower end of its earlier forecast on account of a weakening economy.
McDonald’s (NYSE: MCD) stock rose 0.8% after the burger giant posted a strong rise in global comparable sales in the first quarter, with earnings helped by higher menu prices and more customer visits.
Biogen (NASDAQ: BIIB) stock fell 0.8% after the drugmaker said it would discontinue or pause some studies to reduce costs, even as it beat quarterly profit expectations.
Raytheon (NYSE: RTX) stock rose 1.5% after the aerospace company reported a healthy rise in quarterly profit, benefiting from strong demand for jet engine spare parts and services.
Spotify (NYSE: SPOT) stock climbed 4.8% after the music streaming company reported first-quarter monthly active users crossed the half-billion mark for the first time.
JetBlue (NASDAQ: JBLU) stock rose 2.2% after the low-cost carrier reported a quarterly loss, but still forecast a rebound to profit on strong travel demand.
UBS (NYSE: UBS) stock fell 1.9% after the Swiss lender reported a 52% drop in net profit in the first quarter after allotting $665M in provisions to cover costs related to litigation surrounding U.S. residential mortgage-backed securities.
Fox (NASDAQ: FOX) stock fell 0.3% after the news that Tucker Carlson has parted ways with Fox News, putting an end to a more than decade-long career as one of the channel's most prominent and controversial voices.