Alphabet, Coca-Cola, AT&T rise premarket; Microsoft, Snap fall
Investing.com -- U.S. futures edged lower Wednesday, with investors digesting a deluge of corporate earnings ahead of the eagerly-awaited Federal Reserve policy meeting.
Here are some of the biggest premarket U.S. stock movers today:
Alphabet (NASDAQ: GOOGL) stock rose 6.2% after the Google parent impressed with its second-quarter profit on the back of steady demand for its cloud services and a rebound in advertising.
Microsoft (NASDAQ: MSFT) stock fell 3.6% after the software giant reported that growth at its key Azure cloud computing division decelerated to 27% during the April to June period as clients moved to rein in expenditures in the face of economic uncertainty.
- Coca-Cola (NYSE: KO) stock rose 1.7% after the soft drinks giant raised its annual revenue forecast, betting on higher pricing and resilient demand for its products.
Snap (NYSE: SNAP) stock fell 17.5% after the photo messaging app owner reported weaker-than-expected third-quarter guidance, struggling to compete with bigger tech rivals for advertising revenue.
AT&T (NYSE: T) stock rose 2% after the telecommunications giant beat estimates for second-quarter free cash flow as efforts to lower costs and attract wireless monthly paying subscribers with cheaper plans paid off.
Wells Fargo (NYSE: WFC) stock rose 2.5% after the bank's board authorized a new share buyback program of up to $30 billion.
Amazon (NASDAQ: AMZN) stock fell 1.6% after Politico reported the U.S. Federal Trade Commission is finalizing its long-awaited antitrust lawsuit against the online retail giant that could ultimately break up parts of the company.
Stellantis (NYSE: STLA) stock rose 2.1% after the world’s third-largest automaker by sales beat first-half expectations for revenue and operating profit, with CEO Carlos Tavares saying cost cutting will have to accelerate to keep profitability strong in a more challenging pricing environment.
Deutsche Bank (NYSE: DB) stock rose 1.7% after the German lender posted a 27% fall in second-quarter profit as investment banking revenue slumped, but this was still better than expected.