Meta Platforms, Comcast, Best Buy Fall Premarket; Ford, Etsy Rise

  • Stock Market News
Meta Platforms, Comcast, Best Buy Fall Premarket; Ford, Etsy Rise
Credit: © Reuters.

By Peter Nurse -- Stocks in focus in premarket trade on Thursday, July 28th. Please refresh for updates.

  • Meta Platforms (NASDAQ: META ) stock fell 4% after the Facebook-owner issued a gloomy forecast after recording its first ever quarterly drop in revenue , with recession fears and competitive pressures weighing on its digital ads sales.

  • Ford (NYSE: F ) stock rose 6.8% after the auto giant reported better than expected second quarter net income, reaffirmed its profit outlook for the year, and said it would restore its dividend to the pre-pandemic level.

  • Comcast (NASDAQ: CMCSA ) stock fell 5.5% after the media giant failed to add broadband customers in a quarter for the first time ever.

  • Etsy (NASDAQ: ETSY ) stock rose 8% after the e-commerce company beat expectations on both the top and bottom lines despite a weaker consumer weighing on user engagement.

  • Altria (NYSE: MO ) stock fell 0.5% after the cigarette manufacturer cut the value of its stake in Juul Labs by over 70% as the e-cigarette maker comes under intense regulatory scrutiny.

  • Qualcomm (NASDAQ: QCOM ) stock fell 3.6% after the chipmaker forecast disappointing fourth quarter revenue, bracing for a slowdown in smartphone demand that could hurt its mainstay handset chip business.

  • Spirit Airlines (NYSE: SAVE ) stock rose 4.9% after JetBlue Airways (NASDAQ: JBLU ), up 2.1%, reached a deal to buy the discount carrier, just hours after it ended its merger agreement with Frontier Group (NASDAQ: ULCC ), down 0.6%.

  • Pfizer (NYSE: PFE ) stock rose 0.9% after the drugmaker reported a 78% jump in profit and reaffirmed the combined 2022 sales forecast of $54 billion for its COVID-19 vaccine and pill.

  • Best Buy (NYSE: BBY ) stock fell 3.7% after the retailer forecasted a bigger drop in annual sales than previously estimated as consumers curb discretionary spending given decades-high inflation.

  • Valero Energy (NYSE: VLO ) stock rose 3.9% after the refiner reported a rise in second quarter profit, boosted by higher demand for fuel and refined products.

  • Southwest Airlines (NYSE: LUV ) stock fell 5.8% after the carrier warned of capacity constraints for the rest of the year despite predicting that its third quarter revenue will exceed pre-pandemic levels.

  • The Hershey Company (NYSE: HSY ) stock rose 0.9% after the chocolate giant raised its annual adjusted profit and sales growth forecast, expecting to benefit from price hikes for its products.

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