Stocks making the biggest premarket moves: Tesla, IBM, American Express, KeyCorp and more
Tesla The electric vehicle maker tanked about 7% after reporting net income and earnings that fell more than 20% from last year. CEO Elon Musk said an uncertain macroenvironment could impact people’s decisions to buy cars.
IBM — The tech stock rose more than 1% in premarket trading after the company reported an earnings beat. IBM posted adjusted earnings of $1.36 per share, compared to $1.26 per share as expected by analysts, according to Refinitiv. However, its revenue came in below expectations as parts of the company’s infrastructure business showed a slowdown.
American Express — Shares dipped 1.3% after the payments company reported adjusted earnings per share of $2.40 for the first quarter, below StreetAccount’s estimates of $2.66. However, revenue topped expectations, coming in at $14.28 billion compared to the $13.98 billion expected.
F5 — The cloud-based software company’s shares were down about 7% after a mixed second fiscal quarter earnings report. F5 posted $2.53 adjusted earnings per share and $703.2 million in revenue. Analysts had anticipated earnings per share of $2.42 and $698.4 million in revenue, according to FactSet data. The company also announced it would be reducing its global headcount by 620 employees, or 9% of its workforce.
Bath & Body Works — Shares dipped 3.7% following a downgrade to neutral from overweight by Piper Sandler. The Wall Street firm said persisting margin pressures are limiting potential upside.
Las Vegas Sands — The casino operator added 5.5% after posting adjusted earnings per share of 38 cents for the first quarter, beating the 20 cents expected of analysts polled by Refinitiv. The company also topped revenue estimates.
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