Netflix, Tesla, IBM fall premarket; Johnson&Johnson, DR Horton rise
Investing.com -- U.S. futures traded in a mixed fashion Thursday, as investors digested a deluge of corporate earnings, with the tech sector in particular focus.
Here are some of the biggest premarket U.S. stock movers today:
Netflix (NASDAQ: NFLX) stock fell 6.4% after the streaming giant’s quarterly revenue and forecast fell short of estimates, even after it reported nearly 6 million subscriber additions.
Tesla (NASDAQ: TSLA) stock fell 3.6% after CEO Elon Musk revealed plans to continue price cuts, squeezing future margins, which outweighed the EV manufacturer comfortably beating second-quarter profit forecasts.
IBM (NYSE: IBM) stock fell 0.9% after the tech giant’s second-quarter revenue fell short of expectations, bogged down by a decline in sales of its mainframe computers as businesses cut tech spending.
Johnson & Johnson (NYSE: JNJ) stock rose 1.4% after the pharmaceutical company beat second-quarter earnings expectations and lifted its 2023 profit forecast as it builds out its drug and medical devices pipeline.
AB InBev ADRs (NYSE: BUD) rose 0.6% after Morgan Stanley upgraded its stance on the brewer to ‘overweight’ from ‘neutral’, saying it is now attractively valued after the Bud Light controversy.
Taiwan Semiconductor Manufacturing (NYSE: TSM) stock fell 3.5% after the Taiwanese chipmaker forecast a drop of around 10% in 2023 sales and flagged investment spending at the low end of estimates.
American Airlines (NASDAQ: AAL) stock fell 1.3% despite the carrier raising its annual forecast for adjusted profit despite fears of a looming economic slowdown.
Philip Morris (NYSE: PM) stock rose 0.1% after the tobacco giant impressed with its quarterly profit, boosted by a let-up in soaring tobacco and labor costs and buoyant demand for its Zyn and IQOS products.
Blackstone (NYSE: BX) stock fell 3.2% after the asset manager said its second-quarter distributable earnings slumped nearly 40%, owing to a sharp drop in asset sales.
DR Horton (NYSE: DHI) stock rose 3.8% after the home builder raised its forecast for full-year revenue, benefiting from strong demand and easing shortages of labor and construction supplies.
Abbott Laboratories (NYSE: ABT) stock rose 0.7% after the medical devices manufacturer beat expectations for second-quarter profit, due to recovery in surgical procedure volumes and demand for its diabetes care devices.