Stocks - Qualcomm, PayPal Rise Premarket; ConocoPhillips Falls

Stocks - Qualcomm, PayPal Rise Premarket; ConocoPhillips Falls  | Jul 30, 2020 13:04

Stocks - Qualcomm, PayPal Rise Premarket; ConocoPhillips Falls

By Peter Nurse -- Stocks in focus in premarket trade on Thursday, July 30th. Please refresh for updates.

  • Qualcomm (NASDAQ:QCOM) stock soared over 11% after the company reported better than expected fiscal third-quarter earnings and announced a long-term patent agreement with Huawei, as well as a $1.8 settlement over past licensing fee claims.

  • PayPal (NASDAQ:PYPL)stock rose 2.9% after the Covid-19 pandemic prompted a surge in digital payments on its platform in the second quarter.

  • ConocoPhillips (NYSE:COP) stock fell 3.3% after the oil and gas producer reported a wider-than-expected loss in the second quarter, hit by the sharp drop in the price of oil and the coronavirus-inspired travel lockdowns.

  • Qorvo (NASDAQ:QRVO) stock climbed 4.5% after the semiconductor company managed to grow revenues, helped by 5G spending,  when consensus expected a decline.

  • Procter & Gamble (NYSE:PG) stock rose 1.4% after the company reported strong fourth quarterly revenue growth as consumers sought out cleaning products in the wake of the coronavirus. It also promised some $15 billion in shareholder returns over the next 12 months.

  • Johnson & Johnson (NYSE:JNJ) stock rose 1.9% after the company’s Covid-19 vaccine candidate showed positive results in a study involving non-human primates.

  • United Parcel Service (NYSE:UPS) stock rose 11% after the delivery giant reported strong second-quarter revenue numbers, helped by a surge in residential demand and health care shipments.

  • AstraZeneca ADR (NYSE:AZN) rose 2.2% after the U.K.-based pharmaceuticals giant reported that second-quarter net profit surged, as it managed to avoid the sales declines suffered by other big pharma companies in the second quarter due to hospital disruptions. 

  • Anheuser Busch Inbev (BR:ABI) ADR (NYSE:BUD) rose 4.1% after beer sales ticked higher in the quarter as bars reopened and drinkers returned.

  • Kraft Heinz (NASDAQ:KHC) stock rose 1.4% after the food giant reported strong sales growth in the second quarter, but took a $3 billion charge to write down the value of several businesses.

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