Investing.com | Oct 21, 2020 13:16
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, October 21st. Please refresh for updates.
Netflix (NASDAQ:NFLX) stock fell 5.4% after the streaming giant reported fewer paid subscribers than expected in the third quarter, as streaming competition increased and live sports returned to television.
Snap (NYSE:SNAP) stock soared 21% after the owner of the Snapchat messaging app beat user growth and revenue forecasts, thanks to more people signing up to chat with friends and family during the coronavirus pandemic.
Amazon (NASDAQ:AMZN) stock fell 0.3% after the world's largest online retailer told employees whose work can be done from home that they can do so until June, extending the timeline on a return to office due to the COVID-19 pandemic.
Texas Instruments (NASDAQ:TXN) stock fell 0.1% despite the chipmaker reported its first quarterly revenue growth in nearly two years on Tuesday, helped by people buying electronic gadgets for remote work and entertainment during the pandemic.
General Motors (NYSE:GM) stock rose 2% with the company investing about $2.2 billion in its U.S. manufacturing operations, largely to increase production of electric vehicles, including its electric Hummer.
PNM Resources (NYSE:PNM) stock soared 8.3% after Iberdrola’s U.S. unit Avangrid (NYSE:AGR) agreed to acquire the energy holding company for $4.3 billion. PNM shareholders will receive $50.30 per share, a 10% premium to Tuesday’s closing price.
WD-40 (NASDAQ:WDFC) stock rose 7.3% after the company reported strong fiscal fourth-quarter numbers thanks to homeowners undertaking renovation DIY projects as the pandemic kept them inside.
iRobot (NASDAQ:IRBT) stock fell 4.8% despite the company reporting strong third-quarter revenue growth, amid demand for its Roomba vacuum cleaners. Its stock price is up 89% year to date.
PayPal (NASDAQ:PYPL) stock rose 3.6% after the digital payments company said it will allow customers to buy, sell and hold the cryptocurrency Bitcoin. Transactions with the company's vast merchant network will still be settled in fiat currencies, however.
Abbott Laboratories (NYSE:ABT) stock rose 0.8% after the medical devices and health care company reported strong third-quarter earnings, helped by robust demand for its coronavirus diagnostic tests.
Verizon (NYSE:VZ) stock rose 0.8% after the telecoms giant raised its guidance for the year fractionally on the back of a solid third quarter: Revenue decline slowed thanks to success in attracting new business customers for its wireless service.
AutoNation (NYSE:AN) stock rose 6.3% after the auto retailer reported quarterly earnings of $2.38 per share, well above expectations. AutoNation (NYSE:AN) also increased its share repurchase authorization to $500 million.
Nasdaq (NASDAQ:NDAQ) stock climbed 1.4% after the exchange operator reported a 76% surge in third-quarter profit, boosted by strength in its non-trading businesses and a surge in trading volumes.
Written By: Investing.com
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